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New EPF signups rise to 146,000 in first quarter of 2022, says Tengku Zafrul

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Finance Minister Tengku Zafrul Abdul Aziz says the average awareness of social protection and preparation for retirement is still low, and must be improved. – The Malaysian Insight file pic, July 12, 2022.

THE registration of new Employees Provident Fund (EPF) members has increased by 57% to 146,000 members in the first quarter of 2022, said Finance Minister Tengku Zafrul Abdul Aziz.

He said this was in line with the EPF’s long-term strategy to expand the social protection coverage of Malaysians in an effort to strengthen the government-linked companies (GLC) support ecosystem.

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“Currently, although various social protection initiatives have been introduced and some have received government funding, the average awareness of the importance of social protection and preparing for old age is still too low among a large number of Malaysians,” he said at the Insurance and Takaful i-Lindung facility launch ceremony in Kuala Lumpur today.

Tengku Zafrul said one of the most important aspects is the strengthening of social protection, a responsibility given to the EPF when the government started implementing the GLC Transformation Programme. – Bernama, July 12, 2022.

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