KUALA LUMPUR, July 6 — The Ministry of Finance (MoF) announced that as of June 10, a total of 3.45 million Employees’ Provident Fund (EPF) members under the age of 55 have transferred RM10.86 billion from their Sejahtera Account (Account 2) to the Flexible Account (Account 3). This represents 26.6 percent of the eligible members. Additionally, 2.93 million members have withdrawn RM6.98 billion from the Flexible Account, averaging RM2,382 per withdrawal.
The MoF detailed that most of these withdrawals are supported by the EPF’s current cash balance, net cash inflows from contributions, maturities, and investment income. Furthermore, RM4.82 billion was transferred to members’ Retirement Accounts (Account 1), increasing the number of members with basic savings of RM240,000 by 39,000. Starting May 11, 2024, the contribution ratio to the Retirement Account will rise by five percent to 75 percent. This initiative aims to help members manage their finances confidently in the evolving employment landscape.
