Kuala Lumpur: The strong and competitive dividend rates achieved by the Employees Provident Fund (EPF) for 2024 demonstrate the fund’s resilience and commitment in ensuring a secure future for its members during retirement, said Finance Minister II Datuk Seri Amir Hamzah Azizan. In an Instagram post, he said the EPF has again exceeded expectations despite facing global economic uncertainties.
According to BERNAMA News Agency, the EPF announced a dividend rate of 6.30 per cent for both Simpanan Konvensional and Simpanan Shariah, involving payouts of RM63.05 billion and RM10.19 billion respectively. The total payout for 2024 amounts to RM73.24 billion. Amir Hamzah noted the achievement of the Simpanan Shariah portfolio’s performance being on par with Simpanan Konvensional following the separation of both portfolios in January 2024. He also mentioned the increase in voluntary contributions, indicating a growing preference among Malaysians for sufficient retirement savings.
The EPF stated in a recent announcement that its Outreach Programme recorded a growth in voluntary contributors to 1.19 million in 2024, marking a 32 per cent increase from 902,213 in the previous year. Amir Hamzah highlighted that the dividend performance, the surge in Simpanan Shariah’s performance, and the rise in voluntary contributions are key indicators of the strengthening national economy.
The minister emphasized that the EPF’s excellent dividend performance not only enhances members’ retirement savings but also contributes to the national economy. Under the administration of Prime Minister Datuk Seri Anwar Ibrahim, pro-growth policies and investments in infrastructure, along with fiscal measures under the MADANI Economy framework, have played a crucial role in boosting business confidence and supporting sectors such as manufacturing, services, and technology.
The EPF is part of six government-linked investment companies (GLICs) participating in the Finance Ministry-led GEAR-uP programme, aiming to accelerate economic restructuring under the MADANI Economy framework. The programme involves a commitment to invest RM120 billion in domestic direct investments over five years, in addition to RM440 billion in public market investments. Other GLICs in the GEAR-Up programme include Khazanah Nasional Bhd, the Retirement Fund Inc (KWAP), Permodalan Nasional Bhd, Lembaga Tabung Haji, and the Armed Forces Fund Board (LTAT).