KUALA LUMPUR, Oct 9 — The increase in the minimum wage to RM2,000 is an important labour market reform that will improve workers’ livelihoods and support better retirement adequacy for Employees Provident Fund (EPF) members, said its chief executive officer Ahmad Zulqarnain Onn.
“It is also a meaningful step towards labour’s share of national income, ensuring the benefits of economic growth are shared more widely.
“EPF also supports the initiative to increase the threshold for living wage at government-linked investment companies (GLICs) to RM3,400, and is committed to full implementation,” he said, reacting to Budget 2027, which was tabled in Parliament today.
In a statement, Zulqarnian noted that Budget 2027 also expands access to retirement savings by automatically registering Malaysian citizens as EPF members when they turn 18.
“The i-Saraan Plus programme for e-hailing and p-hailing drivers will also continue. Drivers are eligible to receive a 20 per cent government matching incentive, subject to an annual cap of RM600 and RM6,000 over a lifetime up to the national minimum retirement age,” he said.
EPF continues to encourage members to plan their retirement savings following their retirement.
“Through i-Emas, members may opt to receive monthly payments from their Age 55 and Age 60 Withdrawals instead of making a full withdrawal.
“Savings retained with the EPF will continue to earn annual dividends, helping retirement savings last longer as a source of post-retirement income,” Zulqarnian said.
