The one-off RM500 incentive was allocated to those with EPF savings of RM10,000 and below in their Account 1 as of Feb 24, 2023, it said in a statement.

“The one-off contribution incentive announced during the tabling of Budget 2023 on Feb 24, 2023 seeks to encourage EPF members with low savings and nearing retirement age to continue to save and accelerate the accumulation of their retirement savings.

“It aligns seamlessly with EPF’s overarching purpose to elevate savings adequacy and contribute significantly to the broader societal goal of building a resilient financial future,” said EPF.

For more information on the incentive, members can refer to the “frequently asked questions” available on the EPF website at www.kwsp.gov.my or call the EPF contact management centre at 03-8922-6000.