APRIL 28 — The Employees Provident Fund’s (EPF) recent announcement on restructuring members’ accounts from two to three, namely Akaun Persaraan, Akaun Sejahtera and Akaun...
Make EPF account restructuring a step towards a more comprehensive pension reform — Hawati Abdul Hamid and Puteri Marjan Megat Muzafar APRIL 28 — The Employees Provident Fund’s recent announcement on restructuring members’ accounts from two to three, namely Akaun Persaraan, Akaun Sejahtera and Akaun Fleksibel, represents a refinement to Malaysia’s retirement saving scheme.
Meanwhile, the 5% increase in the Akaun Persaraan’s contribution to 75% underscores EPF’s commitment to prioritising adequate retirement income. The 75% translates to an 18% contribution rate , a rate relatively higher compared to some neighbouring countries.The initiative reflects EPF’s greater goal of addressing Malaysia’s social security coverage gap which is still wide among Malaysia’s workforce.
Findings from EPF’s public consultations indicate that as high as 83% preferred empowerment through a flexible withdrawal, while 63% are willing to trade off increasing allocation to Akaun Persaraan for flexibility.However, there is a high likelihood of EPF members making full or continuous withdrawals from Akaun Fleksibel, resulting in a zero balance and worsening saving inadequacy issues.
EPF Account Restructuring Step Towards More Comprehensive Pension Reform Hawati Abdul Hamid And Puteri Marjan Megat Muzafar
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