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 Fle...
A total of 3.4 million of the 13.1 million Employees Provident Fund members under the age of 55 have made withdrawals from the Flexible Account amounting to RM8.9 billion as of July 19, 2024.
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. “Under the current Strategic Asset Allocation, the EPF has allocated investments in cash and money market instruments between two per cent and six per cent of the total investment assets of the EPF,“ he said in a question and answer session at the Senate today.
Regarding implications for the national economy, Amir Hamzah said the initial estimate of the Flexible Account withdrawals in the first year is around RM15 billion or about 0.8 per cent of Malaysia’s nominal gross domestic product for 2023.
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