KUALA LUMPUR, June 27: 3.45 million members of the Employees Provident Fund (EPF) have decided to set an initial amount in Account Flexible, with a total amount of RM10.86 billion transferred from Account Sejahtera as of June 10, according to the Ministry of Finance (MOF).
The ministry said the amount comprises 26.6 percent of the total number of EPF members below age 55 years old who made the choice.
“The number o members who have made withdrawals from Account Flexible is 2.93 million or 22.6 percent (from the total number of members below 55 years old), involving total withdrawals of RM6.98 billion,” the ministry said in a written statement in Parliament on Wednesday.
The ministry said this in reply to a question from Datuk Seri Sh Mohmed Puzi Sh Ali (BN-Pekan) regarding current statistics on the percentage of contributor withdrawals from EPF Account Flexible and the long-term effects on the stability of contributing retiree’s savings.
Meanwhile, MOF said the restructuring of EPF Accounts has not made any significant effects towards EPF’s financial position, as EPF has allocated adequate cash reserves to cater to member’s withdrawals of Account Flexible.
The statement was made in response to a question by Sim Tze Tzin (PH-Bayan Baru) on the percentage of EPF contributors who chose to make transfers to Account 3 and the amount of withdrawals so far, as well as the impact to EPF’s financial position as a consequence of the withdrawals. – TVS
