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3.45 million EPF members transfer RM10.86 billion to flexible account as of June 10

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Kuala Lumpur: A total of 3.45 million or 26.6 per cent of Employees’ Provident Fund (EPF) members under the age of 55, have opted to transfer RM10.86 billion from their Sejahtera Account (Account 2) to the Flexible Account (Account 3) as of June 10, according to the Ministry of Finance (MoF).

Kuala Lumpur: A total of 3.45 million or 26.6 per cent of Employees’ Provident Fund members under the age of 55, have opted to transfer RM10.86 billion from their Sejahtera Account to the Flexible Account as of June 10, according to the Ministry of Finance .

According to the MoF, most of these withdrawals can be accommodated by the EPF’s current cash balance, net cash inflows from contributions, maturities, and investment income. “To maintain the stability of members’ retirement savings, the Retirement Account has been further strengthened to increase members’ retirement savings,“ the ministry said.Starting 11 May 2024, the contribution ratio to the Retirement Account will increase by five per cent to 75 per cent.

 

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