EPF Focuses On Rebuilding Savings After RM145 Bln Withdrawn - Amir Hamzah

KUALA LUMPUR, Sept 8 (Bernama) -- The Employees Provident Fund (EPF) is working to rebuild contributors' savings after RM145 billion was withdrawn through four COVID-19 related withdrawal facilities, said Finance Minister II Datuk Seri Amir Hamzah Azizan.

He said the withdrawals involved 8.2 million contributors through i-Lestari, i-Sinar, i-Citra and special withdrawals.

“Therefore, the focus is now on strengthening retirement savings and ensuring members enjoy sustainable retirement income,” he said during a question and answer session at the Dewan Negara today in reply to a question from Senator Mohd Hasbi Muda who wanted to know whether contributors had sufficient savings to meet their retirement age.

Amir Hamzah also said the government does not intend to introduce new withdrawals since the EPF account structure has been revamped by creating Account 1, Account 2 and Account 3, where Account 3 is flexible for withdrawals during emergencies.

He said the EPF is also looking into a proposal to introduce a monthly pension payment scheme for new members, which is expected to be approved in the next few years, while existing contributors can choose to switch to the scheme.