EPF to Raise Basic Savings Level Starting Jan 2014

Starting from January 2014, Employees Provident Fund(EPF) will revise upwards the basic savings level of its members. The aim is to ensure  its members have enough savings to finance their retirement needs.

The new quantum is RM198,000 by the age of 55 compare to RM120,000 at the current level. It will be equivalent to RM820 a month for 20 years from age 55 to 75. The new rates are benchmarked against the minimum pension for public sectoremployees which are currently at RM820 a month. This will avoid the monthly retirement income not fall below the poverty level.

The impact to this new revision is, members will need to have more funds in their account to be eligible to withdraw for the purpose of EPF Members Investment Scheme.

The table below is the current & new Basic Savings Level for EPF members.

	Basic Saving (RM)
Age	Current	Jan 2014	Difference
18	1,000	1,000	-
19	2,000	2,000	-
20	3,000	4,000	1,000
21	4,000	5,000	1,000
22	5,000	7,000	2,000
23	7,000	9,000	2,000
24	8,000	11,000	3,000
25	9,000	13,000	4,000
26	11,000	15,000	4,000
27	12,000	18,000	6,000
28	14,000	21,000	7,000
29	16,000	24,000	8,000
30	18,000	27,000	9,000
31	20,000	30,000	10,000
32	22,000	34,000	12,000
33	24,000	37,000	13,000
34	26,000	41,000	15,000
35	29,000	46,000	17,000
36	32,000	50,000	18,000
37	34,000	54,000	20,000
38	37,000	59,000	22,000
39	41,000	64,000	23,000
40	44,000	69,000	25,000
41	48,000	76,000	28,000
42	51,000	81,000	30,000
43	55,000	88,000	33,000
44	59,000	95,000	36,000
45	64,000	102,000	38,000
46	68,000	109,000	41,000
47	73,000	117,000	44,000
48	78,000	125,000	47,000
49	84,000	134,000	50,000
50	90,000	143,000	53,000
51	96,000	153,000	57,000
52	102,000	163,000	61,000
53	109,000	174,000	65,000
54	116,000	185,000	69,000
55	120,000	196,000	76,000

Source : http://1-million-dollar-blog.com/epf-to-raise-basic-savings-level-starting-jan-2014/