EPF’s third account, both a boon and a bane

Big change: The EPF office in Kuala Lumpur. Experts say the provident fund will likely have to hold more liquid assets to meet possible withdrawals following the creation of the new account. — Bernama

THE Employees Provident Fund’s (EPF) third account, which will enable members to withdraw their savings at any time, has received mixed reactions.

For members in need, the third account, which is now renamed Akaun Fleksibel (AF), will help them meet both foreseen and unforeseen financial commitments and perhaps put to end the debate of allowing members to access their long-term retirement fund in a measured basis and not more than 10% of all new contributions.