EPF: PENANG MEMBERS' SAVINGS ADEQUACY AT 29 PCT

GEORGE TOWN, Dec 17 (Bernama) -- The savings adequacy level of Employees Provident Fund (EPF) members in Penang stands at 29 per cent, involving 199,000 members under 55 who have reached the basic savings rate set by the statutory body, says EPF Northern Region director Jeffarry Mohamed Isa.

According to him, Penang also recorded the highest financial literacy rate in the Northern Region, at 36 per cent, compared to the national average of 29 per cent.

"This proves the state government's strong commitment to making the EPF's retirement agenda a success, specifically in helping more members navigate a better retirement future.

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"A total of 38 per cent or 43,042 employers out of 112,083 registered employers in the northern region are from Penang," he said at the opening of the EPF Penang Best Employer Awards ceremony here today.

Penang Chief Minister Chow Kon Yeow attended the event. State Police deputy chief Datuk Mohd Alwi Zainal Abidin was also present and received the Special Public Sector Employer Award on behalf of the Penang Royal Malaysia Police Contingent.

A total of 32 employers were also named the Best Employers in Penang. 

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Jeffary revealed that the state was also among the first to announce support contributions for i-Suri in 2022.  

So far, the state government has provided RM 19.5 million to all i-Suri members in Penang.

He added that over 400 engagement programmes were conducted across Penang between January and November this year, activating over 634,000 EPF members in the state.

Meanwhile, Chow said Penang recorded the third-highest EPF contribution compliance rate nationwide, at 99.15 per cent.

He said that if all employers responded to the initiative to strengthen collaboration with the EPF, Penang could still achieve a 100 per cent contribution compliance rate.

-- BERNAMA