KUALA LUMPUR: A total of RM10.78 billion has been withdrawn from the Employees Provident Fund (EPF) Account 3 (Flexible Account) by members below 55, stated the Ministry of Finance (MoF).
The ministry said in a parliamentary written reply today that the sum involved 3.86 million or 29.4 per cent of EPF members below 55, as at Sept 30, 2024.
Flexible Account or Account 3 was introduced to assist EPF members in managing short-term financial needs that could negatively impact their well-being in retirement if left unmet.
"Funds in this account can be withdrawn at any time for any purpose according to the member's needs, especially during emergencies," according to MoF.
The statement was in response to a question by Datuk Wan Saifulruddin Wan Jan (PN-Tasek Gelugor), who asked the MoF to clarify the effectiveness of EPF Account 3 in helping contributors facing urgent financial situations.
The ministry also said that indirectly, withdrawals through the Flexible Account can improve cash flow and assist members in need, particularly in urgent situations. – BERNAMA