The Kuala Lumpur-based Retirement Fund Board (KWSP) has introduced three accounts for their members, including a new flexible account, allowing participants to withdraw their funds at any time. The new flexible account, also known as account 3, is an additional account to the existing two accounts for retirement savings and welfare.
KWSP’s new account restructuring
The flexibility of the new account is aimed at empowering contributors to balance their future retirement needs with short and long-term financial needs. Contributions to the new flexible account account for 10% of the total contribution every month.
Contributors can opt-in to transfer their initial balance into the flexible account if they need the money immediately.
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