TAPAH – The gap in dividend rates between conventional and shariah savings in the Employees Provident Fund (EPF) has narrowed in 2023, said Finance Minister II Datuk Seri Amir Hamzah Azizan.
Previously, the difference in dividend rates between conventional and shariah savings was approximately 0.6%, but this year it is only 0.1%.
“A dividend of 5.5% for conventional savings is still among the highest dividends in Malaysia, and at 5.4% for shariah savings, this is very good,” he told a press conference here today.
Earlier today, the EPF announced a dividend rate of 5.50% for conventional savings for the financial year ended December 31, 2023 (FY2023), resulting in a total payout of RM50.33 billion.
Meanwhile, the dividend rate of 5.40% for shariah savings will see a payout of RM7.48 billion, bringing the combined total payout for FY2023 to RM57.81 billion.
The dividend payments mark a significant increase from 2022, where the dividend rates were at 5.35% for conventional savings and 4.75% for shariah savings.
Meanwhile, Amir reminded Malaysians to ensure that they have sufficient savings for their retirement, considering its ageing population.
“We need to save adequately for our retirement. For example, the longer an individual saves with EPF, the more the compounding effect will come into play, resulting in sufficient savings for all members,” he said.
The minister attended a Sumbangan Asas Rahmah programme at a supermarket here earlier today before heading to the 2024 Sumbangan Tunai Rahmah pilot programme for the Orang Asli community in the Batang Padang district. – March 3, 2024
