PETALING JAYA: The Employees Provident Fund (EPF) recorded a total investment income of RM63.99 billion for the nine months ended Sept 30, 2025 (9M 2025), an 11% increase from RM57.57 billion in the corresponding period in 2024.
Total investment income for the third quarter ended Sept 30, 2025 (Q3 2025) was RM25.07 billion, representing a 27% increase from RM19.67 billion in the same quarter last year.
EPF CEO Ahmad Zulqarnain Onn said, “The 11% growth in total investment income, alongside 12% growth in asset under management, is a result of execution of our strategic asset allocation, which allowed the EPF to participate in the recovery of equity markets post- ‘Liberation Day’. We are encouraged by the strength of the Malaysian economy, which supports 61% of the EPF portfolio, while simultaneously pursuing a global investment strategy that generated 53% of total investment income this quarter.”
“While the nine-month performance has been encouraging, we are cautious heading into the fourth quarter. The rally in global equity markets has elevated valuations, while mixed signals from global economic indicators may temper the pace of interest rate reductions. The EPF is actively managing these risks by accelerating the locking-in of profits at a pace that may be hard to match in Q4,” he added.
During the quarter under review, Equities remained the largest contributor to investment income, generating RM16.95 billion, or 68% of total investment income. Although slightly lower than the RM18.35 billion recorded in Q3 2024, this reflects a recovery from the more subdued performance in Q1 and Q2 of 2025. The rally in global equity markets during the quarter enabled EPF fund managers to capture market opportunities and lock in gains.
Fixed Income continued its role in capital preservation, generating RM6.75 billion, or 27% of the total investment income for the quarter. This asset class, comprising Malaysian Government Securities and Equivalents, as well as Loans and Bonds, provided a steady income stream and helped cushion short-term market volatility, supporting overall portfolio stability.
Real Estate and Infrastructure contributed RM1.14 billion (4%), while Money Market Instruments recorded gains of RM0.23 billion (1%).
Of the total investment income for Q3 2025, RM20.48 billion was generated for Simpanan Konvensional and RM4.59 billion for Simpanan Shariah.
As of Sept 30, 2025, total investment assets stood at RM1.37 trillion, representing a 12% year-on-year growth. International investments accounted for about 39% of total assets, supported by resilient global equity market valuations. During the quarter, international investments generated RM13.33 billion, representing 53% of the total investment income.
Malaysia’s labour market is expected to be resilient in the final quarter, underpinned by Budget 2026 measures, macroeconomic stability, and both domestic and foreign direct investments. The unemployment rate declined by 0.2 percentage points to 3.0% in September 2025 as compared to a year earlier, according to the Department of Statistics Malaysia Labour Force Report, September 2025.
Reflecting this labour market strength, the EPF registered 427,329 new members during 9M 2025, raising total membership to over 16.5 million. Of these, 9.07 million are active members Active members refer to members who contributed at least once in the last 12 months, representing 51.7% of the 17.54 million labour force as of September 2025.
The EPF’s active-to-inactive member ratio remained stable at 55:45 in 9M 2025.
New employer registrations reached 62,401, increasing total active employers registered with the EPF to 628,321 as at September 2025. On a quarterly basis, total contributions increased by 10.5% to RM27.84 billion, from RM25.20 billion in Q3 2024.
Voluntary contributions increased by 47.5% to RM15.30 billion in 9M 2025, from RM10.37 billion a year earlier. For the nine months, the number of formal sector members contributing above statutory rates through i-Topup (formerly known as Voluntary Excess) was 231,034, compared to 172,829 in the same period last year.
Following the implementation of mandatory contributions for non-Malaysian citizen employees starting with October 2025 wages, the EPF is addressing transitional challenges to ensure full compliance. The EPF remains committed to engaging stakeholders and facilitating a smooth transition through ongoing guidance and support.
