According to the Finance Ministry, 5.5 million members have withdrawn from the Flexible Account since its launch, while nearly two-thirds of eligible members chose not to.
According to the Finance Ministry, 5.5 million members have withdrawn from the Flexible Account since its launch, while nearly two-thirds of eligible members chose not to.
However, despite concerns that Malaysians would heavily dip into their retirement savings after the account was introduced, the ministry saidto Selayang member of parliament William Leong Jee Keen, who asked what steps the government is taking to safeguard the country's retirement savings following the introduction of theCiting the EPF research report 'Enduring Today, Shaping Tomorrow: Akaun Fleksibel as a Financial Lifeline for Wellbeing', published in April, the ministry saidBased on EPF's analysis, withdrawals stabilised after the initial surge, with members withdrawing an average ofMeanwhile, the ministry said safeguards were introduced alongside the Flexible Account to strengthen EPF members' long-term retirement savings When Account 3 was launched, the share of monthly EPF contributions channelled into the Retirement Account was increased fromThe government and EPF will also continue monitoring withdrawal patterns, strengthen financial literacy programmes, encourage voluntary and additional contributions, maintain prudent investment strategies, and periodically review policies to ensure retirement savings remain sustainable while allowing members flexibility to meet short-term financial needs.
Read the full storyGovt Makes U-Turn On 24-Hour SOCSO Scheme, Says Contributions Will Now Be VoluntaryMalaysians Nationwide Can Apply For 10-Year Passport Starting 1 July
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