The Employees Provident Fund (EPF) plans to restructure its savings accounts as part of a move to boost members’ savings.
EPF said it had to respond to Malaysia’s ageing population by helping members meet financial needs while safeguarding their retirement savings.
In a statement today (Oct 16), EPF said that they will also introduce a flexible account, which can be accessed by members at any time, especially in times of emergency.
EPF CEO Amir Hamzah Azizan said this initiative has the potential to empower people to grow their retirement savings, while fostering financial well-being within their families. “As a retirement fund, EPF supports and will work with the government in realising the aspirations of Malaysia Madani to ensure the post-retirement life among Malaysians is secure.”
However, he said any plans made by EPF requires parliamentary approval.
EPF said the government is also bolstering retirement savings programmes, including raising the i-Saraan programme’s annual maximum incentive, expanding the i-Sayang initiative to include husbands, and extending the i-Suri programme for housewives with matching contributions and lifetime incentives.
