KUALA LUMPUR: Datuk Seri Ahmad Maslan has confirmed that the mechanism for the new flexible Employees’ Provident Fund (EPF) account is currently being finalized. The Deputy Finance Minister explained that this third EPF account is designed to allow contributors to access their savings at any time, regardless of their income levels.
This initiative aims to ease the financial burden of those facing emergencies and will be accessible to all members, regardless of whether they belong to the B40, M40, or T20 groups. “We are finalizing this,” Ahmad stated during a session at the Dewan Rakyat on Monday (Oct 23).
Kalam Salan (PN-Sabak Bernam) posed a supplementary question regarding targeted EPF withdrawals, to which Ahmad responded that such withdrawals, which amounted to a total of RM145 billion, will no longer be permitted.
However, Ahmad clarified that the flexible EPF account will enable people to make emergency withdrawals, and the specific mechanism for this is being worked out.
Last week, Prime Minister Datuk Seri Anwar Ibrahim announced in Budget 2024 that flexible EPF accounts will be introduced, granting contributors unrestricted access to their funds whenever needed.
