KUALA LUMPUR: The Employees Provident Fund (EPF) will revise upwards the basic savings quantum of its members to RM196,800 by the age of 55 effective January 1 2014, to ensure enough savings to finance their retirement needs.
The new quantum will be equivalent to RM820 a month for 20 years from age 55 to 75.
The current basic savings amount, which was set in 2008, is RM120,000 at the age of 55.
“The new rates are benchmarked against the minimum pension for public sector employees which are currently at RM820 a month.
So, the monthly retirement income does not fall below the poverty level,” EPF deputy chief executive officer (operations) Datuk Ibrahim Taib told a media briefing here yesterday.
The current basic savings amount, which was set in 2008, is RM120,000 at the age of 55.
“The new rates are benchmarked against the minimum pension for public sector employees which are currently at RM820 a month.
So, the monthly retirement income does not fall below the poverty level,” EPF deputy chief executive officer (operations) Datuk Ibrahim Taib told a media briefing here yesterday.
Read more: EPF to raise members’ basic savings level http://www.btimes.com.my/articles/20130822235609/Article/##ixzz2hrDmh7qL
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