KUALA LUMPUR: A total of 3.61 million (27.8%) of the total 13.01 million Employees Provident Fund (EPF) members under the age of 55 have chosen to have the initial amount in their Flexible Accounts and have transferred a total of RM11.52 billion as of 24 June 2024.
Meanwhile, the Ministry of Finance reported that a total of RM5.12 billion has been transferred to the Retirement Account.
The MoF said this initiative is a proactive step to help people cope with the changing employment landscape, ageing population as well as changing needs according to the life cycle of EPF members.
“Among members who chose to have an initial amount, a total of 41,000 members who before the transfer had not achieved the basic savings level according to age have now reached the basic savings level according to age following the transfer of part of their Sejahtera Account savings to the Retirement Account,” it said.
The MoF said the EPF will remain committed to continue to provide competitive returns to contributors in an effort to increase their retirement savings balance and prevent contributors from falling into the crisis of old age poverty.
“Members’ savings balance depends on their trend of contributions and withdrawals,” it said. Consistent contributions and withdrawals that are only made for reasonable purposes will help members build their retirement savings, it added.
— BERNAMA
