KUALA LUMPUR, Feb 9 — The Employees Provident Fund (EPF) will likely declare a dividend of more than 5.8 per cent for conventional savings this year, surpassing last year’s 5.5 per cent, said a source privy to the matter.

According to a Free Malaysia Today report, the person also said shariah-compliant savings should see a dividend rate of between 5.4 per cent and 5.6 per cent, compared to the 5.4 per cent previously.

“The rates could be the highest in the last three years. The average for the last 10 years has been 6 per cent. Whatever the case, it will definitely be much higher than last year,” the person was quoted as saying.

In 2022, the total dividend payout amounted to RM50.33 billion for conventional savings and RM7.48 billion for shariah savings.

The EPF has an estimated 16 million members, including 8.5 million who are actively contributing.

Despite its mandatory nature for private workers, however, officials have repeatedly warned that the majority of contributors lack sufficient savings to retire.