A total of 3.4 million of the 13.1 million Employees Provident Fund (EPF) members under the age of 55 have made withdrawals from the Flexible Account amounting to RM8.9 billion as of July 19, 2024.
Finance Minister II Datuk Seri Amir Hamzah Azizan said that for the same period, a total of 3.8 million or 29.3 per cent of EPF members chose to have the initial amount in the Flexible Account (Account 3) with a transfer of RM12.6 billion, while RM5.6 billion was transferred to the Retirement Account (Account 1).
EPF Members withdrew RM8.9 billion from Account 3
He said the transfer to the Retirement Account increased members’ savings, with the addition of 43,000 new members having reached the basic savings level.
Regarding implications for the national economy, Amir Hamzah said the initial estimate of the Flexible Account withdrawals in the first year is around RM15 billion or about 0.8 per cent of Malaysia’s nominal gross domestic product for 2023.
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