New EPF registration up by 146,000 in first quarter of 2022, says minister

KUALA LUMPUR - The registration of new Employees Provident Fund (EPF) members has increased by 57 per cent to 146,000 members in the first quarter of 2022, said Finance Minister Tengku Zafrul Aziz.

He said this was in accordance with EPF's efforts to implement a long-term strategy to increase Malaysia's social protection coverage to enhance the ecosystem of government-linked companies (GLC).

"One of the most important aspects is strengthening social protection and this responsibility has been given to EPF through GLC Transformation Programme and Government Linked Investment (GLICs)," he said during the launch of EPF i-Lindung today at Shangri La Hotel, Kuala Lumpur.

He said currently, although various social protection initiatives have been introduced and some with government funding, the average awareness of the importance of social protection and preparing for old age is still too low among Malaysians.

Zafrul also said one of the most important aspects is strengthening social protection.

Commenting further, EPF Chairman Tan Sri Ahmad Badri Mohd Zahir said the Members Protection Plan is another milestone for the EPF as it provides an avenue for social protection and financial security during emergencies.

"Protection through insurance and takaful is one of the key components of financial well-being which we highly encourage our members to get in order to be protected against financial uncertainties.

"The i-Lindung facility is beneficial especially to EPF members where EPF works together with the insurance companies and takaful operators to offer the most affordable rate to our members," Badri said.

EPF launched the i-Lindung platform under the Members Protection Plan to facilitate the purchase of insurance and takaful products consisting of life and critical illness protection at an affordable rate from Account 2.