In addition to the Flexible Account initiative, Chiew said EPF members can also benefit from other savings initiatives such as i-Saraan, i-Suri and others.
BINTULU (April 25): While embracing the implementation of the Flexible Account initiative by the Employees Provident Fund (EPF) effective May 11, it should be acknowledged that it will require refinement and maturation over time, Chiew Chan Yew pointed out.
“Therefore, we anticipate the need for certain limitations, such as monthly withdrawal caps and adjustments during special occasions, to ensure responsible utilisation of funds,” said the Democratic Action Party (DAP) Bintulu publicity secretary.
Looking ahead, he said more progressive initiatives from the government are also eagerly anticipated, including the possibility of allowing EPF members to engage in investment activities on Bursa Malaysia with their Flexible Account in the days to come.
“We believe that continued collaboration and innovation will further enhance the financial well-being of EPF members and contribute to the nation’s economic growth, as we are poised to usher in a new era of financial empowerment and security for EPF members across the country,” said Chiew when asked to comment on the EPF restructuring initiative.
This initiative, he added, signifies a progressive stride by the government to empower EPF members with greater flexibility and control over their savings.
“The Flexible Account initiative allows EPF members to make withdrawals from their own flexible accounts, marking a significant departure from the traditional framework.
“Recognising the evolving financial landscape and changing lifestyles, particularly post-Covid-19, this initiative underscores the government’s commitment to adapting to the needs of its citizens,” he said.
In addition to the Flexible Account initiative, he said EPF members can also benefit from other savings initiatives such as i-Saraan, i-Suri and others.
“These concerted efforts aim not only to promote the culture of saving but also to equip members with the means to manage their funds effectively, especially as they approach retirement age one day,” said Chiew.
He added in the past, accessing EPF funds before the age of 55 was a cumbersome process and almost impossible.
However, he believed that with the introduction of the Flexible Account, members now have the option to allocate a portion of their monthly contributions to this account, with the joint contributions from both employers and employees.
