EPF Account 3: Most Malaysians appreciate option while others don't wish to touch savings


PETALING JAYA: While some contributors laud the EPF's initiative for Account 3 to allow them the flexibility to withdraw funds, others are determined not to touch their savings.

Some agree that this move may help with their daily expenses.

Facebook user Alfancis Augustine wrote: "Won't disturb my retirement fund but I'm thankful for the option.”

Voicing his support for the news, Instagram user Martin Joseph said: "Wah so good to hear that”.

ALSO READ : EPF Account 3 to go live on May 11 (Poll Inside)

Mdiah Yassin took to Facebook to note that the latest EPF initiative is a positive step for contributors and a move in the right direction to assist them.

"Langkah baik utk pencarum (it's a good move for contributors),” she wrote.

On Thursday (April 25), EPF launched Account 3 with members given a one-time opt-in option to transfer funds from their Account 2 to the newly launched "Akaun Fleksibel".

EPF members would have between May 11 and Aug 31 to decide whether they want to opt in.

From May 11, all EPF members under 55 will now have three accounts from that date: the Akaun Persaraan, Akaun Sejahtera and Akaun Fleksibel.

Akaun Persaraan used to be known as Account 1 while Akaun Sejahtera is Account 2.

EPF members can make withdrawals of a minimum amount of RM50 from Account 3 at any time for any purpose.

Facebook user Somasundaram Venkateswaran expressed concerns that the new initiative might pose challenges for the future of an individual's savings, adding that "instant gratification" cannot coexist with the "objective of providing sufficient delayed gratification during retirement."

Selva Kumar said the initiative seemed unlikely to contribute to their financial future.

"...the withdrawal of this 3rd account will become an additional income to spend more on unnecessary expenses,” he countered.

However, some Malaysians appeared to seek clarification about the RM50 minimum sum for withdrawal.

Andrea Carmel voiced her curiosity, wondering, "Can I withdraw RM50 on a daily basis?"

Most praised it as a positive development for financial flexibility, while others voiced doubts about how it would affect long-term savings.

As Maurice Lee conveyed on Facebook, "Ultimately, it is up to the contributor to decide how best to manage their savings.”

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Nation

RM200 diesel subsidy programme open for application tomorrow
Let's focus on building up Sabah PKR now that turmoil is settled, says Liew
Paper on parallel pathway program to be tabled for approval in June 5 Cabinet meeting
RM1mil for Bernama to organise AI-related courses for media practitioners, says Anwar
Izham: Maintenance work at LRA SSP1 cannot be delayed
EC to discuss Sungai Bakap's by-election key dates
SPM 2023: 9As student overcomes depression to ace exams
Johor Customs seizes 135 tonnes of undeclared frozen meat worth over RM2mil
Media freedom crucial but no room for racists and bigots, says Anwar
Customs Dept seizes 70,000 e-cigarettes in raid on Ampang warehouse

Others Also Read