that while market performance has been strong, members must understand that not all gains—especially unrealized paper gains—can be distributed as dividends. "EPF has repeatedly stressed that mark-to-market gains driven by foreign exchange fluctuations cannot be used for dividends unless they are realized," Samirul added.
Addressing the disparity between Conventional and Shariah savings, Samirul explained that Shariah dividends are typically lower due to structural investment constraints.
"The Shariah portfolio excludes conventional bonds, has less flexibility in certain risk-hedging instruments, and is more sensitive to stock market cycles," he said. He reminded members that while the gap might be narrow during recovery years, a difference of 0.2 to 0.3 percentage points remains normal in the current environment of global uncertainty.
Despite the strong nine-month performance, Samirul dismissed market expectations of dividends reaching as high as 6.5% or 7.0%.
"The EPF's mandate is not to maximize dividends for a single year but to ensure long-term sustainable returns," he stated. With a fund size exceeding RM1 trillion and an aging contributor demographic, the EPF is highly sensitive to the risks of over-distribution.
As of the first nine months of 2025, EPF’s investment income reached RM63.99 billion, an 11% year-on-year increase compared to RM57.57 billion in the same period last year, indicating a steady upward trend in earnings.
2025: March 1
2024: March 3
2023: March 4
2022: March 2
2021: February 27
2020: February 22
2019: February 16
2018: February 10
2017: February 18
2016: February 21
(Source: EPF)
| Year | Conventional Savings | Shariah Savings |
| 2015 | 6.40% | - |
| 2016 | 5.70% | - |
| 2017 | 6.90% | 6.40% |
| 2018 | 6.15% | 5.90% |
| 2019 | 5.45% | 5.00% |
| 2020 | 5.20% | 4.90% |
| 2021 | 6.10% | 5.65% |
| 2022 | 5.35% | 4.75% |
| 2023 | 5.50% | 5.40% |
| 2024 | 6.30% | 6.30% |
| (Source: EPF) |
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