PETALING JAYA: The much-anticipated introduction of the Employees Provident Fund (EPF) new Account 3, also known as the “Flexible Account,” which is s...
The new Account 3 allows contributors to withdraw savings whenever needed, rendering easier access to funds. – THESUNPIX: The much-anticipated introduction of the Employees Provident Fund new Account 3, also known as the “Flexible Account,” which is set to be announced by the end of April, has garnered public support.
Among those eagerly waiting for the announcement is 42-year-old industrial engineer Ahmad Mustakim Ainuddin. He welcomed the introduction of Account 3 as a means to bolster his retirement savings. Similarly, single parent Nur Roslyana Abdul Manaf, 38, who is raising two children, said she views Account 3 as a lifeline to overcome her financial strain.
“The allocation to Account 1 has increased from 70% to 75%, while Account 2’s share has decreased from 30% to 15%. “Maintaining retirement funds is crucial because when individuals have sufficient savings to support themselves in retirement, it reduces the strain on public resources and allows the government to allocate budgets for other pressing needs and priorities.
Cheah said Malaysians tend to spend now and save later, which has long-term consequences, often felt after retirement.
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