RM6.98bil withdrawn from EPF Account 3 to date, says Finance Ministry

KUALA LUMPUR: A total of RM6.98bil has been withdrawn to date from the Employees Provident Fund Account 3 by members below 55, the Dewan Rakyat was told.

It also said that as of June 10, a total of RM10.86bil had been transferred as an initial amount into the flexible account of 3.45 million members.“Members can opt to have the initial amount by transferring a portion of their savings in Account Sejahtera to the Flexible Account from May 12 to Aug 31,” the ministry said in response to Sim Tze Tzin .

“The restructuring of EPF accounts was not seen to significantly affect the financial position of EPF as the fund has reallocated sufficient cash balance to withdrawal demand through the Flexible Account,” the ministry said. "The initiative aims to help increase retirement savings to allow members to have sufficient retirement income.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

EPF CEO assures RM25b Account 3 withdrawals won’t derail investment strategyKUALA LUMPUR, June 13 — Withdrawals from the Employees Provident Fund’s (EPF) Account 3 will not affect the retirement fund’s investment strategy, as they will be carried...
Source: malaymail - 🏆 1. / 86 Read more »

Account 3 withdrawals have no influence on EPF's investment strategyDion is determined to return to singing onstage despite suffering from a rare neurological condition.
Source: staronline - 🏆 4. / 75 Read more »

Finance Ministry: 3.45 million EPF members transferred RM10.86b to Flexible Account as of June 10KUALA LUMPUR, June 27 ― 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...
Source: malaymail - 🏆 1. / 86 Read more »