Sources indicate that the 2024 provident fund traditional savings account dividend rate will be higher than in 2023, anticipated to exceed 5.8%.
The traditional savings account dividend rate for 2023 was 5.5%.
Free Malaysia Today, citing sources, claims the above dividend rate is almost certain, with an announcement expected in early March.
It is also reported that this dividend rate could be the highest in nearly three years. The average dividend rate for the past 10 years is 6%.
As for the Islamic savings account, the dividend rate is expected to be between 5.4% and 5.6%. The 2023 Islamic savings account dividend was 5.4%.
The total dividend amount for the provident fund's traditional savings account in 2023 was 50.33 billion ringgit, while for the Islamic savings account, it was 7.48 billion ringgit.
The provident fund has about 16 million members, with over 8.5 million being active contributors.
In the first nine months of last year, the provident fund's investment income was 57.57 billion ringgit, a 20% increase from the same period in 2023, which was 47.86 billion ringgit.