KUALA LUMPUR, The Employees Provident Fund (EPF) is prioritising efforts to rebuild members’ savings after RM145 billion was taken out under four COVID-19 withdrawal schemes, said Finance Minister II Datuk Seri Amir Hamzah Azizan. He said the withdrawals, carried out through i-Lestari, i-Sinar, i-Citra and the special withdrawal facility, involved 8.2 million contributors.
“With such a significant amount already withdrawn, the main priority now is to strengthen retirement savings and ensure contributors have sustainable income for their retirement,” he said during a Dewan Negara question-and-answer session in response to Senator Mohd Hasbi Muda’s query on members’ financial readiness for retirement.
Amir Hamzah added that the government has no plans to introduce new withdrawal options, given that EPF has restructured its accounts into Account 1, Account 2, and the newly introduced Account 3, which allows flexible withdrawals in times of emergency.
He also revealed that EPF is studying the introduction of a monthly pension payment scheme for new members. The initiative is expected to be rolled out in the coming years, while existing contributors will have the option to transition into the scheme if they choose.
