SHAH ALAM, Jan 3 (Bernama) — Private sector workers are hoping for a higher dividend pay out by the Employees Provident Fund (EPF) this year to cope with the rising cost of living and the impact from the goods and services tax (GST), said the Malaysian Trades Union Congress (MTUC).
MTUC deputy secretary-general, A. Balasubramaniam, said the majority of the 10 million private sector workers were looking forward to a better dividend from the fund as it was the only source of savings for them.
“We have more than four million active contributors in EPF. Higher dividend would add more value to their retirement savings.
“Private sector workers from the lower income group have to contend with the hike in public transportation fares and higher toll rates for certain major highways in and around the Klang Valley.
“These factors had impacted the lifestyle of workers as they hardly could save from their monthly wages and as such, EPF is the only savings they could keep for their retirement,” he told Bernama.
He said the highest dividend paid by EPF was at 6.75 per cent for 2014, the highest since 1999.