KUALA LUMPUR, — A total of 3.4 million of the 13.1 million Employees Provident Fund (EPF) members under the age of 55 have made withdrawals from the Flexible Account amounting to RM8.9 billion as of July 19, 2024.
Finance Minister II Datuk Seri Amir Hamzah Azizan said that for the same period, a total of 3.8 million or 29.3 per cent of EPF members chose to have the initial amount in the Flexible Account (Account 3) with a transfer of RM12.6 billion, while RM5.6 billion was transferred to the Retirement Account (Account 1).
He said the transfer to the Retirement Account increased members’ savings, with the addition of 43,000 new members having reached the basic savings level.
“Withdrawals from the Flexible Account do not significantly impact the EPF as the expected amount of withdrawals by members is within the EPF’s cash and money market allocation.