HIGHEST EPF DIVIDEND OF 6.30 PCT IN SEVEN YEARS STRENGTHENS CONTRIBUTORS' CONFIDENCE

KUALA LUMPUR, March 1 (Bernama) -- The dividend announcement of the Employees Provident Fund (EPF) Board for the 2024 financial year at 6.30 per cent (pct) is a reassurance for the near-16 million contributors nationwide that their savings are safe and growing well.

The highest dividend return since 2017 for both conventional and shariah savings also reflects EPF's continuous efforts to safeguard the interests of its contributors.

Most EPF contributors expressed gratitude, describing the high dividend as a blessing ahead of Ramadan which directly increases their retirement savings.

In PUTRAJAYA, marketing executive Johari Omar, 40, said that although the announcement was good news for him, he did not plan to make a withdrawal but rather save for future benefits.

“This dividend announcement is good news for contributors, these savings need to be maintained and not taken out to ensure that savings in old age are sufficient,” he said.

For Nordiana Ariffin, 44, a bus driver at Kuala Lumpur International Airport Terminal 2, the dividend increase is like 'the moon falling into your lap' as some social media users uncannily predicted.

“The 2024 dividend is much better than 2023, which was 5.50 pct for Simpanan Konvensional and 5.40 pct for Simpanan Shariah. I have no words to share except to feel grateful beyond words,” she said.

The EPF today announced a dividend rate of 6.30 pct for conventional savings with a total dividend distribution of RM63.05 billion and 6.30 pct for Shariah Savings with a total distribution of RM10.19 billion.

The total dividend distribution for 2024 is RM73.24 billion.

In his social media posts, Prime Minister Datuk Seri Anwar Ibrahim said EPF's achievement reflects investor confidence in the growth-friendly policies of the MADANI Government and investors, supported by fiscal reforms under the MADANI Economic Framework, thus benefiting the citizens.

In SABAH, private sector worker Gilmor Estban, 46, said that not only did the EPF dividend increase increase his savings after a depletion during the COVID-19 crisis, but it also motivated him to further increase his contributions to EPF.

Meanwhile, housewife, Masniah Mahap, 48, was grateful that her savings in EPF increased this year and hoped that the EPF's financial and investment performance would continue to strengthen for the coming years.

In MELAKA, the dividend motivated Nor Izzati Rahmat, 36, to continue saving and contributing to the EPF as future savings.

“Since I started working and contributing to the EPF in 2016, I have never ‘messed up’ the dividends or savings in my EPF account because I thought about its importance towards my old age or in times of emergency,” she said.

In KEDAH, a civil servant Azry Zamri, 34, from Alor Setar plans to save the dividend proceeds in addition to alternative investment purposes to generate more income for the long term.

In PERAK, factory worker Muhamad Arman Saad, 38, said the increase in EPF dividends buffered his savings which had dipped after he made several withdrawals during the Movement Control Order (MCO) in 2020.

In PAHANG, a food delivery worker, Sameerjeet Singh, 23, said the EPF dividend was highly anticipated and would help him to further streamline his retirement savings planning.

“I am always alert every time a dividend is announced and when I heard about the EPF dividend this time, I was quite surprised because it was very high. Even though I can withdraw it through a flexible account, I do not intend to withdraw my EPF savings (now),” he said.

-- BERNAMA