Previous rounds of withdrawals at the height of the COVID-19 pandemic led to heavily depleted pension savings, with the median savings of EPF account holders halved in 2022 as compared to 2019.
A total of RM145 billion had been withdrawn from the EPF by 8.1 million people during the COVID-19 pandemic. There was also a drop in the median savings of EPF accounts for all Malaysians over three years, from RM16,600 in 2019 to RM8,100 in 2022.
About 6.7 million people out of a total of 13.1 million EPF members also reportedly have savings of less than RM10,000, up from 4.7 million people in 2020.
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