KUALA LUMPUR, July 10 — Approximately 3.61 million or 27.8 per cent of the total 13.01 million Employees Provident Fund (EPF) members under the age of 55 have chosen to have the initial amount in their Flexible Accounts and have transferred a total of RM11.52 billion as of June 24.
Meanwhile, the Finance Ministry (MoF) reported that RM5.12 billion has been transferred to the Retirement Account.
"About 3.16 million members or 24.3 per cent of the total 13.01 million EPF members under the age of 55 have withdrawn a total of RM7.81 billion from the Flexible Account,” it said on the Parliament website yesterday.
MoF was responding to Jerlun MP Abd Ghani Ahmad's query on the contributors’ Flexible Account renewal status as of May 11.
It added that this initiative is a proactive step to help people cope with the changing employment landscape, ageing population, and changing needs according to the life cycle of EPF members.
"Among members who made the choice to have an initial amount, 41,000 members who before the transfer had not achieved the basic savings level according to age have now reached the basic savings level according to age following the transfer of part of their Sejahtera Account savings to the Retirement Account," MoF said.
EPF will remain committed to continue to provide competitive returns to contributors in an effort to increase their retirement savings balance and prevent contributors from falling into the crisis of old age poverty.
"Member's savings balance depends on their trend of contributions and withdrawals. Consistent contributions and withdrawals that are only made for reasonable purposes will help members build up their retirement savings balance," it said.
— Bernama
