KUALA LUMPUR: Malaysians have lauded the introduction of a flexible third EPF account, aimed toward offering EPF contributors with entry to funds at any time when wanted, particularly throughout emergencies.
Isyamudin Raimi, 38, welcomed the brand new account, saying that it could be helpful throughout occasions of monetary emergency.
“Sometimes, once we don’t count on it, we want more money to handle our healthcare wants and likewise for tragedies resembling accidents,” he informed eNM.
Isyamudin additionally stated the brand new account would assist Malaysians like himself in managing the rising value of residing.
“Before this, we couldn’t withdraw cash from Account 2 (Akaun Sejahtera), just for very particular instances like schooling. With the introduction of Account 3 (Akaun Fleksibel), contributors now have extra flexibility in accessing funds,” he stated.
On April 25, EPF chief government Ahmad Zulqarnain Onn stated month-to-month contributions can be cut up 3 ways: 75% into Account 1 (the retirement account, Akaun Persaraan), 15% into Account 2, and 10% into Account 3.
Currently, 70% of EPF members’ month-to-month contributions are channelled into Account 1, which stays inaccessible till retirement, whereas the remaining 30% is directed to Account 2, accessible for schooling, healthcare, housing, and a partial withdrawal at age 50.
Nur Azlina Abdul Jalil, 44, described the revised distribution of month-to-month contributions as “well-balanced”.
“Allocating 10% to Account 3 might seem to be a small quantity, however taking a look at the long run, it should accumulate considerably. So, once we fall on laborious occasions, the cash might be very useful,” she informed eNM.
A businessman, Chan Kok Ho, 30, counseled the EPF’s resolution to channel 10% of contributions into Account 3. “It will assist Malaysians safe their retirement financial savings whereas additionally satisfying the wants of individuals who really want the cash proper now,” he stated.
EPF additionally introduced that members might select to switch a portion of their Akaun Sejahtera financial savings to Akaun Fleksibel for instant entry, with the opt-in window open from May 11 to Aug 31.
Nurzanaim Zakaria, a cashier, stated she would take into account transferring some of her Account 2 financial savings into Account 3, deeming it a sensible selection for these in pressing want of funds.
“It’s good so long as the cash they withdraw is used for emergencies and requirements as a result of these days the whole lot is so costly,” she informed eNM.
Checks on social media additionally present widespread approval for the addition of Account 3.
A netizen who goes by the deal with @rojakdude stated the ten% allocation to Account 3 is important regardless of its small share of complete contributions.
“This small slice provides flexibility with out risking your core retirement fund. While Account 3 provides flexibility for emergencies or short-term wants, the majority of your cash remains to be rising safely in Accounts 1 and a couple of, protected till you actually need it.”
