THE Employees Provident Fund (EPF) recorded a total distributable income of RM19.20 billion for the first quarter (Q1) ended March 31, 2024, marking a 33.1% increase from RM14.42 billion in the same quarter of 2023.

EPF chief executive officer Ahmad Zulqarnain Onn said that while first quarter results have been strong, financial markets remain subject to several risks. 

“These include ‘high for longer’ high interest rates, geopolitical and conflict risks, and policy changes resulting from numerous elections in major economies this year.

“The performance of global markets in Q1 2024 was marked by resilient growth, notably in advanced economies,” he said in a statement.

As of March 2024, the EPF’s overall investment assets grew to RM1.19 trillion, with overseas investments accounting for 38% of the total assets.

“The EPF’s overseas investments, mainly in equities, continued to outperform and add value to the overall return, generating RM9.88 billion in income, representing 51% of the total distributable income,” he said.

EPF’s domestic investments account for 62% of total assets, primarily invested in fixed income instruments, providing long-term income stability through interests and profits.

Meanwhile, there were a total of 107,105 new member registrations in the first quarter (Q1 2024), bringing the total membership to 16.1 million.

The EPF said of that number, 8.6 million were active members, representing 50% of Malaysia’s 17.1 million labour force.

“Total contributions received increased from RM25.83 billion in 1Q 2023 to RM29.13 billion in Q1 2024,”

Ahmad said the increase in the number of Malaysians opting to save with the EPF, as well as current members making voluntary contributions, signifies the country’s continued economic growth under Malaysia Madani policies.

“The EPF will continue to enhance its capabilities to meet the evolving needs and expectations of members and employers, as well as build up its portfolio performance guided by its long-term Strategic Asset Allocation,” he added. – June 12, 2024