KUALA LUMPUR— The Employees Provident Fund (EPF) recorded a total investment income of RM27.73 billion for the first quarter ended 31 March 2026 (Q1 2026), a 51 per cent increase from RM18.31 billion recorded in the corresponding period in 2025. The figure includes unrealised mark-to-market gains and losses on securities, consistent with previous years, arising mainly from foreign exchange rate fluctuations.
EPF Chief Executive Officer Ahmad Zulqarnain Onn said, “EPF’s strong first-quarter income reflects a portfolio decision taken at the beginning of this year to realise gains ahead of anticipated market turbulence. Our portfolio managers front-loaded income that would otherwise have been spread across the full year. Members should not extrapolate this quarter’s result, as it is unlikely to be repeated in subsequent quarters. The underlying portfolio continues to be managed for sustainable, long-term returns and not short-term peaks.
“The environment ahead remains challenging. Elevated geopolitical risk, rising oil prices, and renewed inflationary pressures create real headwinds for global markets. We entered this period of uncertainty in a position of strength because we acted early. Our priority now is capital preservation and disciplined deployment to ensure the adequacy and sustainability of retirement savings for our 18 million members over the long term,” he added.
Results for First Quarter (As at 31 March 2026)
- Equities income increased 88 per cent from RM10.80 billion in Q1 2025, to RM20.34 billion in Q1 2026. The increase was driven by broad-based market gains in the early part of the quarter, as improving investor sentiment lifted most major indices. However, this momentum eased in March as escalating geopolitical tensions and global uncertainty triggered heightened market volatility.
- Fixed Income instruments contributed RM6.76 billion, accounting for 24 per cent of total investment income in Q1 2026. This asset class, comprising Malaysian Government Securities and Equivalents, as well as Loans and Bonds, continued to provide stable and resilient returns, serving as a key defensive component of the portfolio amid market uncertainties.
- Real Estate and Infrastructure recorded an income of RM0.19 billion in Q1 2026, while Money Market instruments generated RM0.44 billion, in line with return expectations for these asset classes.
Investment Income and Portfolio Diversification
Total investment assets reached RM1.44 trillion, of which 36 per cent was invested globally. International investments generated RM15.36 billion, accounting for 55 per cent of total investment income for the quarter, underscoring the importance of geographical diversification in enhancing returns and managing portfolio risk.
Total investment income for Simpanan Konvensional and Simpanan Shariah was RM22.63 billion and RM5.10 billion, respectively.
Growth in Membership and Active Participation
The Department of Statistics Malaysia1 reported that labour market conditions remained stable in February 2026, with the unemployment rate remained at 2.9 per cent. Amid these conditions, EPF registered 220,925 new members in Q1 2026, bringing total membership to over 18.3 million.
Active members2 rose to 10.8 million, with the active to inactive ratio improving to 59:41. Active employers increased to 642,609 as at March 2026, following 19,956 new registrations during the quarter.
Continued Growth in Voluntary Contributions
Total contributions increased by 13.3 per cent to RM38.01 billion in Q1 2026, from RM33.54 billion in the same period last year (refer Chart 1). Voluntary contributions continued to gain momentum, increasing to RM8.83 billion in the quarter. This reflects sustained member participation in voluntary savings, supported by EPF’s digital platforms, which enable seamless and accessible contributions. Meanwhile, the number of Malaysian formal sector members contributing above statutory rates through i-Topup increased 19.8 per cent to 232,305.
1 Labour Force Statistics, February 2026, Department of Statistics Malaysia
2 Active members refer to members who contributed at least once in the last 12 months
