EPF members can withdraw minimum of RM50 from Account 3 at any time (Poll Inside)

PETALING JAYA: Employees Provident Fund (EPF) members can make withdrawals of a minimum amount of RM50 from Account 3 or "Akaun Fleksibel" at any time for any purpose.

EPF said in keeping with the current practice, all savings in Akaun Persaraan (Account 1), Akaun Sejahtera (Account 2) and Akaun Fleksibel for members who reach 55 years of age will be merged into Akaun Emas.

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"New contributions received by members from the age of 55 will be credited into Akaun Emas," added EPF.

EPF chief executive officer Ahmad Zulqarnain Onn said the main focus of the EPF Account Restructuring Initiative was to empower members in making decisions to balance future retirement requirements between short-, medium- and long-term financial needs.

"This initiative will also help increase members’ retirement savings so that they will have sufficient retirement income to sustain their needs after retirement," he said.

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According to Ahmad Zulqarnain, this initiative is not just EPF’s response to current needs, but also a proactive step to help members facing the changing job landscape.

"With these enhancements, EPF strives to ensure that every member can manage finances with confidence and resilience in this dynamic and challenging environment," said Ahmad Zulqarnain.