Over RM11bil transferred to EPF Account 3, Finance Ministry reports

KUALA LUMPUR: Some RM11.52bil has been transferred to Employees Provident Fund (EPF) Account 3 as of June 24, the Dewan Rakyat was told.

The Finance Ministry said this comprised 3.61mil or 27.8% of the 13.01mil EPF members under the age of 55.

Of this number, 3.16mil or 24.3% of EPF members under 55 made withdrawals from Account 3 amounting to RM7.81bil.

The Ministry added that RM5.12bil was also transferred to EPF retirement accounts (Account 1).

“Through the flexible accounts (Account 3), EPF members can access their savings anytime and for any purpose without limitations.

“Hence, there is no need to continue targeted withdrawal schemes,” it said in a written Parliamentary reply dated Wednesday (July 10).

The Ministry was responding to Dr Abd Ghani Ahmad (PN-Jerlun), who asked about the status of Account 3 payments from May 11.