Inconsistent contribution among reasons for members’ meagre savings, says EPF

LOWER starting salaries for those who began their careers before the implementation of the minimum wage in 2013 is among the factors contributing to Employees’ Provident Fund (EPF) members aged between 40 and 54 years having less than RM10,000 in savings.

In a statement today, EPF said another factor was structural wage challenges, where 44% of EPF contributors earn less than RM2,000, while 81% have an income of less than RM5,000.