KUALA LUMPUR, April 16 — The Employees’ Provident Fund (EPF) will soon reveal details for Account 3, a new flexible account which allows members to withdraw funds at any...
Forbes 50 Richest: IOI brothers go into top five for first time but weak ringgit drags down Malaysian billionaires' wealthAccording to the report, early details for EPF Account 3 and contributions are expected to begin as early as May onward. — Picture by Farhan Najibreveal details for Account 3
reported early details for Account 3 and contributions are expected to begin as early as May onward. According to the paper, Account 3 will start with a zero balance and compromise 10 per cent of future monthly contributions. With the new restructured system, Account 1 will receive 75 per cent of the monthly contribution while Account 2 will get 15 per cent. At the moment, the monthly EPF contributions are split at 70 per cent to Account 1 and 30 per cent to Account 2.
Unlike Account 1 and Account 2 where withdrawals are permitted for retirement or special purposes such as education, healthcare, housing and partial withdrawal at age 50, Account 3 provides flexibility for members to withdraw at any time like a savings account. According to Finance Minister II Amir Hamzah, the new account willAccording to NST’s source, funds kept in Account 3 might get a “token” payment which is expected to be lower than the dividend for Account 1 and Account 2.
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