KUCHING: Sarawak aims to push the uptake of the Endowment Fund Sarawak (EFS) beyond the current 85 per cent as the state strengthens governance, resolves anomaly cases more efficiently, and introduces an upgraded investment structure under EFS 2.0.
Minister of Women, Early Childhood and Community Wellbeing Development, Datuk Seri Fatimah Abdullah, said the committee remains committed to ensuring no eligible Sarawakian child is left behind.
“Our aim is to improve governance and increase the percentage of Sarawakians who benefit every year,” she said during a media session.
From January 1, 2019 to October 31 this year, a total of 141,869 accounts have been opened, involving RM141.8 million channelled by the state government under Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.
Sarawak recorded 22,895 births up to October 31 this year, with overall EFS participation reaching 85 per cent, surpassing the minimum KPI of 80 per cent.
Fatimah said anomaly cases remain a priority, especially those involving underaged mothers who are unable to open bank accounts for their newborns.
“There are anomalies that we do not want to become obstacles. For underaged mothers, the account can still be opened, but under the name of the nearest next-of-kin,” she explained.
The EFS initiative provides RM1,000 to every Sarawak-born child.
Beginning in 2025, Affin Bank manages the programme under EFS 2.0, which features a two-component savings model.
The first component is RM550 placed in an Affin Islamic Term Deposit, offering a 3.4 per cent annual interest rate and a projected value of RM1,004 after 18 years.
The second component is RM450 invested in Affin Emas physical gold savings, based on a 10-year average gold return of 8.01 per cent and a projected value of RM1,438.12.
“This is an improvement from the previous fixed 4.2 per cent,” Fatimah noted.
The first batch of 1,456 EFS 2.0 recipients received their payments on July 18.
As of November 17, Affin Bank has opened 6,287 accounts, amounting to RM6.2 million.
Parents aged 18 to 65 also receive free one-year insurance protection under ‘Affin Protect I’, which provides RM10,000 coverage.
“This assistance really helps our children when they reach age 18, whether for further studies or to start their careers,” she added.
