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EPF Account 3: RM12.6 bil transferred, RM8.9 bil withdrawn since launch in May | Scoop
EPF contributors have transferred RM12.6 billion to their Account 3 since it was launched in May. – Alif Omar/Scoop file pic, July 25, 2024
News

EPF Account 3: RM12.6 bil transferred, RM8.9 bil withdrawn since launch in May

Finance Ministry says economic impact of withdrawals minimal, projected amount for this year is RM15 bil

Scoop Reporters
Updated
12:42 PM MYT

 

KUALA LUMPUR – Employees Provident Fund (EPF) contributors have transferred RM12.6 billion to the new Flexible Account (Account 3) in the last two months since the facility went live on May 12, the Finance Ministry said. 

The 3.8 million EPF members who did so are 29.3% of the fund’s total 13.1 million members below the age of 55. 

The transfers to Account 3 were as of July 19, while in the same period since May 12, withdrawals from the flexible account amounted to RM8.9 billion. 

The withdrawals were made by 3.4 million members or 26.2% of total EPF contributors. 

The ministry provided these figures in a Dewan Negara written reply to Senator Anna Bell @ Suzieana Perian who asked for statistics on Account 3’s use and its impact on the economy. 

The ministry said the economic impact of these withdrawals was minimal, as it had projected total withdrawals from the Flexible Account for this year to be around RM15 billion, which was only 0.8% of Malaysia’s 2023 nominal gross domestic product (GDP). 

“Nevertheless, the actual impact of the flexible account on GDP growth will depend on other factors, including EPF member’s spending trends.” 

It also said that in the same period of May 12 to July 19, 43,000 EPF members attained basic retirement savings in their Account 1. 

EPF sets RM240,000 by the age of 55 as the benchmark for minimum retirement savings. – July 25, 2024 

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