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All EPF contributions to go to Account 1 to replenish savings, says Deputy Finance Minister

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KUALA LUMPUR: The Employee's Provident Fund (EPF) will place all contributions into Account 1 in order to replenish the savings of its members who have withdrawn funds to weather the economic effects of the Covid-19 pandemic.

Deputy Finance Minister Mohd Shahar Abdullah said a total of RM101bil has been withdrawn under the i-Lestari, i-Sinar, and i-Citra stimulus packages since the pandemic began last year.

Once the amount is replenished, Shahar said EPF will go back to its previous system of 70% in Account 1 and 30% in Account 2. Meanwhile, Shahar said there were several measures to ensure retirement savings do not dwindle, among them a rule that allows members to make monthly withdrawals so they can enjoy dividends on their savings and employers being required to contribute 4% of the monthly salary of those above 60.

Last Tuesday , it was reported that about 3.6 million EPF contributors have less than RM1,000 in their respective accounts.

 

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