The Employees Provident Fund (EPF) is the premier provider of retirement savings for all private and non-pensionable employees in the country. It manages a mandatory savings scheme through which both employees and employers contribute a fixed percentage of the employees’ monthly salary into the employees’ (members’) accounts, which keeps growing until the employee retires. Other than provide for the retirement needs of Malaysians, the EPF also allows members to withdraw from their savings to fund their educational and health needs as well as to help secure a home as these would enhance the value of their post-retirement life.
Established in 1951, the EPF is also one of the oldest and largest retirement funds in the world, with total investment assets of RM636 billion as at end 2014. A major factor in its success is to keep relevant with the times, especially on the financial landscape, without losing sight of its ultimate commitment to not just preserve, but grow its members’ assets. Guided by stringent investment policies, the EPF channels most of its assets into safe yet relatively good-yielding investment instruments, such as government bonds and securities, balancing these with equities, money market instruments and property.
The EPF seeks to ensure that Malaysians are aware of their retirement needs and carries out educational campaigns via the print and electronic media to highlight the importance of prudent financial planning to ensure financial security in one’s golden years.
The EPF benchmarks its performance against international best practices and is driven by a vision to ‘be a world-class social security organisation providing the best retirement savings for Malaysians’. Towards this end, it is constantly innovating to meet both its members’ current as well as future needs via a vast network of over 60 branches nationwide offering award-winning counter service, a dedicated myEPF website and i-Akaun online facility (accessible via desktop and mobile App) to reach its members anytime, anywhere.