By DayakDaily Team
KUCHING, Dec 19: A total of four million, or 30.5 per cent, of Employees Provident Fund (EPF) members under the age of 55 have made withdrawals amounting to RM11.6 billion from their flexible accounts.
In a news report by TVS, Malaysia Deputy Finance Minister Lim Hui Ying informed the Dewan Negara that this data was recorded as of Nov 27, 2024, with the total balance in flexible accounts reaching RM7.4 billion.
“Following the restructuring of accounts on May 11, 2024, EPF provided its members with the option between May 12 and Aug 31, 2024, to decide whether they wanted an initial amount in Account 3.
“A total of 4.1 million, or 31.6 per cent, of the 13.1 million EPF members under 55 chose to have an initial amount in their flexible accounts, transferring RM14.5 billion in savings, while RM6.6 billion was moved to retirement accounts,” she said.
She was responding to a question from Senator Roderick Wong Siew Lead, who inquired about the number of applications and the total withdrawals approved through EPF Account 3 after the initiative’s implementation.
Lim explained that the restructuring aimed to empower members to make decisions that strike a balance between their long-term retirement needs and short to medium-term financial goals.
“This initiative also helps boost members’ retirement savings, ensuring they have sufficient income to sustain their post-retirement life,” she added. —DayakDaily
