The Employees’ Provident Fund (EPF) is set to announce its much-anticipated flexible account, known as Account 3, in April, announced Finance Minister II Datuk Seri Amir Hamzah Azizan. This initiative aims to provide contributors with greater flexibility in managing their savings.
Speaking during a session in the Dewan Rakyat, Datuk Seri Amir Hamzah Azizan revealed that the details of Account 3, including the withdrawal mechanism and flexibility for contributors, will be announced after the upcoming dividend distribution announcement this Sunday.
He assured that the EPF will provide comprehensive explanations regarding Account 3 to contributors, shedding light on withdrawal procedures and the division mechanism of the account.
Addressing concerns raised during the session, particularly regarding targeted withdrawals, the Finance Minister II clarified that the government is not considering such an approach. He emphasised that targeted withdrawals could worsen the issue of insufficient retirement savings.
“The government is not looking at targeted withdrawals because there will be flexibility in Account 3,” Amir Hamzah said.
The introduction of Account 3 is anticipated to offer EPF contributors more options in managing their savings while ensuring the sustainability of their retirement funds. With the upcoming announcement, contributors can look forward to gaining insights into how Account 3 will benefit them in planning for their financial future.
