PETALING JAYA: The basic retirement savings benchmark has been raised to RM390,000, according to the Employees Provident Fund (EPF).
The New Straits Times reported that the jump from the previous benchmark of RM240,000 was shown during the launch of the Retirement Income Adequacy (RIA) Framework and Belanjawanku 2024/2025.
It is said that the RIA Framework will be implemented in 2026, focusing on the concepts of retirement income security and savings.
The RIA Framework will consist of a three-tier savings system to guide EPF members on comfortable retirement savings.
Furthermore, the policy changes regarding the RIA framework will gradually take effect from 2026.
In order to maintain relevance to rising costs, the RIA savings will be assessed every three years beginning from 2029 with the use of updated data from the Belanjawanku guide.
The Belanjawanku 2024/2025 guide was developed by EPF and the Social Wellbeing Research Centre which looks into the minimum monthly budget required for a “decent living standard”, as quoted.
The guide currently covers 11 major cities in Malaysia after its initial focus on the Klang Valley.
