A total of 63 applications under EPF’s i-Legasi initiative have been approved, transferring RM46.3 million in retirement savings to 86 beneficiaries as of July 2025
KUALA LUMPUR: A total of 63 applications under the Employees Provident Fund (EPF)’s i-Legasi initiative have been approved so far, involving the transfer of RM46.3 million in retirement savings to 86 beneficiaries.
Deputy Finance Minister Liew Chin Tong said that under the initiative, introduced on Feb 1 this year, EPF members aged 55 and above with retirement savings exceeding the Adequate Savings benchmark of RM650,000 are allowed to transfer part of their retirement savings to the EPF accounts of eligible immediate family members.
“This initiative implemented by the EPF has directly helped improve members’ savings levels, with savings adequacy assessed based on the achievement of the Basic Savings target according to the prescribed age,” he said during the question-and-answer session in the Dewan Rakyat today.
He was responding to a question from Datuk Seri Aminuddin Harun (PH-Port Dickson), who asked about the government’s measures and strategies to ensure Malaysians have adequate retirement savings and income, particularly EPF members, in view of the rising cost of living and Malaysia’s transition towards an aged nation by 2030.
Elaborating further, Liew said that as of May 31, a total of 3.04 million active Malaysian EPF members aged between 18 and 60, or 38.3 per cent of the 7.94 million members in that age group, had achieved the Basic Savings target for their respective age, which is RM390,000 by the age of 60.
He said this represented an encouraging increase from 35 per cent, or 2.71 million members, recorded as of May 31, 2025.
According to Liew, the government and the EPF will continue to strengthen their collaboration in formulating holistic policies and financial mechanisms, including enhancing contribution incentives and social protection, to improve the adequacy of retirement savings and safeguard the future financial well-being of EPF members.
— BERNAMA
