The distribution is part of a one-time RM500 contribution incentive outlined in Budget 2023, announced on February 24th, 2023. The primary goal is to inspire EPF members with savings of RM10,000 and below in their Account 1 as of the specified date to continue saving. 

This incentive particularly focuses on individuals nearing retirement age, intending to speed up the accumulation of their retirement savings, specifically members aged between 40 and under 55.

In a statement, the EPF underscores its dedication to improving savings adequacy and playing a significant role in the broader societal objective of creating a resilient financial future. 

For EPF members seeking more information about the Government Additional Contribution incentive, they can go through the Frequently Asked Questions on the EPF website at www.kwsp.gov.my. Additionally, they can also reach out to the EPF contact management center at 03-8922 6000 for further assistance.

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Source: The Star