Finance Ministry: T20 group ‘monopolising’ EPF with their savings, went up by 11pc during pandemic
Finance Ministry: T20 group ‘monopolising’ EPF with their savings, went up by 11pc during pandemic
KUALA LUMPUR, Feb 22 — Deputy finance minister Datuk Seri Ahmad Maslan today said that the top 20 per cent of earners (T20) in Malaysia are “monopolising” the Employees’ Provident Fund (EPF) with their savings making up the bulk of the total amount.
In contrast with other groups, the T20 also saw the savings in their EPF accounts increase by 11 per cent during the Covid-19 pandemic, he noted during the winding-up speech of his ministry at Parliament today.
“The EPF is monopolised by the T20,” he said.
In April 2020 the total number of funds in the EPF accounts belonging to T20 account holders was RM538 billion, which then increased to RM597 billion by December 2022, he said.
A total of 2.6 million EPF members come from the T20 category, he added.
PM Anwar says looking for solutions so public need not dip into EPF savings
Finance Ministry: T20 group ‘monopolising’ EPF with their savings, went up by 11pc during pandemic
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