What was the approximate interest rate for EPF contributions in 2023?

The approximate interest rate for EPF (Employees' Provident Fund) contributions in 2023 was 8.5%. This rate reflects the government's ongoing commitment to providing competitive returns on EPF savings, which are crucial for retirement planning for employees in Malaysia. The EPF authority frequently reviews and adjusts interest rates based on various financial performance factors, ensuring that members' savings grow adequately over time.

The established rate serves to encourage employees to save more for their future, reinforcing the EPF's role in promoting financial security for members. This highlights the importance of understanding current interest rates, as they directly impact the overall growth of EPF contributions.