The Employees Provident Fund (EPF) is a retirement savings scheme for employees in Malaysia. It allows employees to save money for their retirement and provides an interest rate on the money saved.
The current interest rate on EPF savings is 2.75%. This means that if you have RM10,000 saved in your EPF account, you will earn RM275 in interest for that year. However, there are ways to maximize your EPF interest rate so that you can earn more money for your retirement.
In this blog post, we’ll discuss the current EPF interest rate and how it works. We’ll also share some tips on how to get the most out of your EPF interest rate.
The current EPF interest rate and how it works.
Your EPF interest is calculated based on the contributions you have made to your account, as well as the current interest rate set by the government. The interest rate is determined by several factors, including inflation and economic growth. The current interest rate is 2.5%, which means that for every RM100 in your account, you will earn RM2.50 in interest.
What affects your EPF interest rate?
There are a few things that can affect your EPF interest rate:
-The amount of money you have in your account: The more money you have in your account, the higher the interest rate will be. This is because the EPF offers a tiered interest system, which means that the first RM60,000 in your account will earn a lower interest rate than the next RM40,000.
-The age of your account: If you have been contributing to your EPF for a longer period of time, you will likely have a higher balance in your account and thus earn a higher interest rate EPF Passbook Download.
-Your investment portfolio: If you have invested in high-interest products such as stocks or mutual funds, this can also affect your EPF interest rate.