KUALA LUMPUR: The Employees Provident Fund (EPF) has introduced i-Legasi, i-Emas and the Retirement Goal Calculator as part of a broader effort to strengthen retirement security and financial resilience across generations.
EPF chief executive officer Ahmad Zulqarnain Onn said the initiatives reflected the fund’s commitment to helping members not only accumulate savings, but also manage and sustain retirement income more effectively.
“We are evolving to support our members not just in saving, but in making informed decisions to ensure their savings last a lifetime and to leave a legacy for their loved ones,” he said in a statement yesterday.
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The i-Legasi facility allows EPF members aged 55 and above to transfer a portion of their savings to the EPF accounts of immediate family members, namely spouses and children, once they reach full withdrawal age.
The transfer is subject to the Retirement Income Adequacy (RIA) Framework, with only savings above the Adequate Savings level eligible for transfer.
EPF said the transferred amount would come from savings already available for withdrawal and would be channelled into the recipient’s retirement savings account to ensure the funds remain preserved for long-term retirement purposes.
Members aged 55 or 60 and above with savings exceeding the Adequate Savings threshold may transfer funds to more than one family member, provided the remaining balance stays above the required level.
Meanwhile, the EPF has rebranded its existing monthly payment method under the Age 55/60 Withdrawal as i-Emas to encourage a more sustainable approach to retirement savings.
Under the facility, members may opt for automated monthly payments instead of making a full withdrawal upon reaching retirement age, while allowing the remaining balance to continue earning annual dividends.
The EPF also launched the Retirement Goal Calculator via the KWSP i-Akaun application to help members better plan their retirement finances.
The tool enables members to estimate future savings requirements based on lifestyle expectations and projected expenses, while also helping them identify potential savings gaps and assess their retirement preparedness.
