KUALA LUMPUR: The Employees Provident Fund is prioritising the rebuilding of contributors’ savings following RM145 billion withdrawn through four COVID-19 related facilities.
Finance Minister II Datuk Seri Amir Hamzah Azizan stated that these withdrawals involved 8.2 million contributors through i-Lestari, i-Sinar, i-Citra and special withdrawal schemes.
He emphasised that the current focus is on strengthening retirement savings and ensuring members enjoy sustainable retirement income.
The government does not intend to introduce new withdrawal facilities following the EPF account structure revamp.
Account 1, Account 2 and Account 3 have been created, with Account 3 designed for flexible withdrawals during emergencies.
EPF is also considering a proposal to introduce a monthly pension payment scheme for new members.
This scheme is expected to receive approval within the next few years.
Existing contributors will have the option to switch to the new pension payment scheme if implemented. – Bernama