More Malaysians are voluntarily topping up their Employees Provident Fund (EPF) savings to prepare for a longer retirement as life expectancy rises beyond 75 years.
The EPF, in an email response to Malay Mail, voluntary contributions and savings exceeding the statutory contribution rate have shown steady growth in recent years. This, it said, indicates that Malaysians are becoming more proactive in securing their financial future.
Higher savings among older members
Data from the EPF shows that 42% of members aged 51 to 55 have now reached the “Basic Savings” level required for their age — an improvement from 36% two years ago.
“Basic Savings” refers to a pre-determined amount based on age that ensures a member has at least RM240,000 by age 55.

This sum would allow retirees to withdraw RM1,000 per month for 20 years, from age 55 to 75, to cover essential living expenses.
Average savings surpass targets
The EPF also reported that the average savings for members aged 50 to 54 have increased significantly — from RM265,788 in 2022 to RM308,644 in 2024. This figure has already surpassed the Basic Savings level set for 2026.
The fund attributed the positive trend to stronger policies as well as members’ growing awareness about the need to save more for retirement.
The upward trend in savings reflects both the government’s continuous efforts to strengthen EPF policies and members’ willingness to make additional contributions.”
With Malaysia’s population living longer than ever before, the fund emphasised that building sufficient retirement savings is crucial to ensure financial independence in later years.

