According to Employees Provident Fund (EPF) data from the Department of Statistics Malaysia (DoSM), the youngest EPF millionaire (as of December 2020) was a male aged between 20 and 24, with just over RM2 million saved up
Equally as important as insurance coverage is the EPF—the world’s 12th largest pension fund with more than RM930 billion in assets under management (as of December 2020). The fund is arguably one of the best safeguards for the Malaysian workforce to save for their retirement, to achieve a better future, and not to need monetary assistance at an old age.
Read more: 10 Of Malaysia’s Richest, According To Forbes' 2021 List
But do you know how much you have saved up in your EPF? The more pressing question is, how often do you make the effort to check your EPF balance? Your savings could very well surprise (or completely shock) you.
The Edge Markets in a recent report wrote that only 67,919 EPF members have at least RM1 million saved with the provident fund. To put this into perspective, that’s 0.46 per cent of 14.89 million members, active and inactive. The youngest EPF millionaire (as of December 2020) was a male aged between 20 and 24, with just over RM2 million saved up, while the youngest female millionaire in the same year was aged between 25 and 29, with RM1.37 million in savings with the fund.
See also: 4 Malaysians Join Forbes World's Billionaires 2021 List
While there was a surge in cash flow needs of EPF members hit by the Covid-19 pandemic, it is presumed that these millionaires were not as financially affected and were not among the 7.4 million EPF members who withdrew a total of RM101.1 billion from the fund through Covid-19-related schemes such as i-Lestari, i-Sinar, and i-Citra.
