Kota Kinabalu: About 80 per cent of the 1.14 million Employees Provident Fund (EPF) members in Sabah have retirement savings of less than RM50,000, said Sabah and Labuan EPF director Mohd Fadil Sarehan.
Speaking at a media engagement session here on Wednesday, Mohd Fadil said the low savings level remains a major challenge, driven largely by inconsistent contributions from informal-sector workers such as farmers and fishermen.
He said ministries, non-governmental organisations, and the media must work together to raise awareness among informal workers on the importance of regular contributions to build adequate retirement funds.
Mohd Fadil also urged members to register or update their beneficiaries, warning that only 20 per cent of the fund's 1.4 million members in the state have made nominations so far.
In addition, he called on Muslim contributors to switch to Shariah Savings, describing the transition from the conventional scheme as both a social and religious responsibility.
