No change in mandatory EPF contribution rates expected with new Account 3, says CEO

SHAH ALAM: The Employees Provident Fund (EPF) is not expecting any change in mandatory contribution rates once the flexible account, or Account 3, is rolled out, says Ahmad Zulqarnain Onn (pic).

"We do not expect a change in the contribution rate," the retirement fund's chief executive officer said during the EPF's 2023 Financial Performance Briefing here on Sunday (March 3).

The current mandatory contribution rates now are 11% for employees and 13% for employers.

He said further details about Account 3, which will allow contributors to make withdrawals at any time, are expected to be unveiled in April.

"We're still on track for that timeline," he said.

Prime Minister Datuk Seri Anwar Ibrahim had announced the third EPF account in Budget 2024.

Under the current EPF savings structure, members under the age of 55 have Account 1 and Account 2 with a percentage rate of 70% and 30% respectively.

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