THE Employees Provident Fund’s (EPF) investment income surged 48 per cent to RM57.5 billion in the first half of 2026, buoyed by stronger global equity markets, although the retirement fund warned that such favourable conditions may not persist through the rest of the year.
The figure compares with RM38.92 billion recorded in the same period last year.
EPF said the first-half investment income included unrealised mark-to-market gains and losses on securities, mainly resulting from foreign exchange movements.
Such unrealised gains and losses are not distributable as dividends, consistent with previous years, it said.
For the second quarter ended June 30, EPF recorded investment income of RM29.77 billion, up 44 per cent from RM20.61 billion in the corresponding quarter last year.
Chief executive officer Ahmad Zulqarnain Onn said EPF had capitalised on strong global equity markets while maintaining a disciplined, long-term investment approach.
He said the fund continued to front-load income in the second quarter as market and geopolitical risks remained elevated.
“While equity markets have supported performance in the first half of the year, members should temper expectations as such market opportunities may not repeat itself in the second half of the year.
“Our focus remains on delivering sustainable long-term returns, backed by a resilient portfolio,” he said.
Equities remained the fund’s biggest contributor to quarterly investment income, generating RM20.94 billion, up 52 per cent from RM13.77 billion a year earlier.
The asset class accounted for 70 per cent of total investment income in the quarter, benefiting from the recovery in global equity markets, easing concerns over energy prices and continued confidence in the artificial intelligence investment cycle.
Fixed-income instruments contributed RM6.91 billion, or 23 per cent of quarterly investment income, while real estate and infrastructure generated RM1.30 billion.
Money market instruments contributed another RM620 million.
EPF’s total investment assets stood at RM1.54 trillion at the end of June, with 39 per cent invested overseas.
International investments generated RM19.29 billion during the second quarter, accounting for 65 per cent of total investment income.
Of the quarterly investment income, RM24.16 billion was attributable to Simpanan Konvensional, while Simpanan Shariah generated RM5.61 billion.
Meanwhile, EPF membership continued to expand, with 441,846 new members registered in the first half of 2026, up 52.9 per cent from 288,938 in the corresponding period last year.
Total membership rose 12.6 per cent to nearly 18.5 million, while active membership increased 21.9 per cent to 10.95 million.
The number of active employers grew 4.1 per cent to 645,207 as at June, while 37,265 new employers were registered during the first half.
EPF said total contributions rose 8.5 per cent to RM33.87 billion in the second quarter, from RM31.21 billion a year earlier.
Voluntary contributions reached RM14.15 billion in the first half, while contributions under the i-Saraan programme increased 15.7 per cent to RM1.33 billion.
The number of Malaysian formal-sector members contributing above the statutory rate through i-Topup rose 13.9 per cent year-on-year to nearly 204,450 during the first half of the year. - August 17, 2026
