EPF Account 3 withdrawals by members under 55 total RM10.78 billion, according to the Ministry of Finance. The Flexible Account was introduced to address short-term financial needs.
A total of RM10.78 billion has been withdrawn from the Employees Provident Fund (EPF) Account 3 ( Flexible Account ) by members under 55 years old, the Ministry of Finance (MoF) reported. The ministry stated today that the sum was withdrawn by 3.86 million members, representing 29.4 per cent of EPF members below 55 as of September 30, 2024. The Flexible Account was introduced to assist EPF members in managing short-term financial needs that could negatively impact their retirement if left unmet.
Funds in this account can be withdrawn at any time for any purpose, according to the MoF. The information was given in response to a question from Datuk Wan Saifulruddin Wan Jan, who inquired about the effectiveness of EPF Account 3 in aiding contributors facing urgent financial situations. The MoF also mentioned that withdrawals from the Flexible Account can aid members in emergency situations by improving cash flow
Employees Provident Fund EPF Account 3 Flexible Account Ministry Of Finance Withdrawal Short-Term Financial Needs
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