by HIDAYATH HISHAM   

A TOTAL of 4.1 million Employees Provident Fund (EPF) members under the age of 55 have opted for a Flexible Account structure, with RM14.5 billion transferred to Flexible Accounts and RM6.6 billion to Retirement Accounts as of Nov 27, 2024.  

Finance Minister II Datuk Seri Amir Hamzah Azizan disclosed this during today’s Dewan Negara session in response to a question from senator Datuk Bobbey Ah Fang Suan about the progress and impact of the EPF restructuring.  

He explained that the restructuring allows members greater access and flexibility to manage their savings, while reinforcing the purpose of the Retirement Account for long-term financial security.  

As of the same date, four million members (30.5% of members under 55) have withdrawn RM11.6 billion from their Flexible Accounts. The remaining balance in these accounts is RM7.4 billion.  

Amir Hamzah said the revamped contribution structure allocates 75% of contributions to the Retirement Account, up from 70%. This increase aims to accelerate members’ achievement of Basic Savings, which is set at RM240,000.  

“As of Oct 31, 2024, 2.7 million (36.2%) of the 7.3 million active formal members aged 18 to 55 have achieved the Basic Savings target according to their age, compared to 2.2 million,” he added.  

Amir Hamzah said the new structure will help strengthen retirement planning while allowing members to access savings for immediate needs.