EPF talk empowers UTAR staff and students

In collaboration with the Employees Provident Fund (EPF), the Division of Human Resource (DHR) organised an informative event titled A Day with EPF at UTAR on 14 April 2025 at UTAR Kampar Campus. The programme aimed to provide UTAR staff and students with a better understanding of EPF products and services.

Delivering the talk was Ms Vickneswary Bala, who addressed pressing issues related to financial literacy and retirement planning in Malaysia. The talk also covered key topics such as EPF account structure, the concept of basic savings, EPF schemes, voluntary contributions, and real-world case studies to enhance participants’ understanding of each scheme and how they cater to different segments of contributors.

Ms Vickneswary shared, “Financial literacy in Malaysia is in an alarming state. About 21% of Malaysians rely solely on their monthly salary without having emergency savings and often depend on the next paycheck. EPF statistics reveal that only 15% of Malaysians have sufficient savings for retirement. While government employees may rely on pensions, inflation can reduce their value, making EPF savings even more critical. Some individuals have savings but lack strategies to manage their finances wisely.”

She also presented real-life case studies to highlight common challenges such as overspending, lack of saving strategies, and poor financial planning. “From student life to working life, and eventually into retirement, it is important to cultivate the habit of saving. Neglecting this can lead to financial difficulties later on. In some cases, even after reaching retirement age, individuals are forced to continue working to supplement their income and sustain their livelihood,” she explained. Ms Vickneswary also cautioned participants against falling prey to illegal investment schemes or get-rich-quick scams.

To complement the session, EPF set up mini-service counters to assist UTAR staff and students. Services offered included EPF member registration, i-Akaun setup, i-Saraan and i-Lindung enrolment, voluntary and additional contributions, and general enquiries about EPF products.