Financial maturity vital with introduction of Account 3


Big change: The EPF office in Kuala Lumpur. Experts say the provident fund will likely have to hold more liquid assets to meet possible withdrawals following the creation of the new account. — Bernama

ACCOUNT 3, known as the Flexible Account for members below the age of 55, is one the biggest changes the Employees Provident Fund (EPF) has implemented in recent times

In 2007, the EPF split the savings account to Account 1 and Account 2 with the monthly contribution proportion divided to 70% and 30%, respectively. Back then, Account 2 was introduced to allow limited withdrawals for its members for such needs as the first property downpayment or settlement of a housing loan, financing education and medical expenses.

Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Insight

Brazil lifts coal imports to record high as hydropower hit lingers
China’s BRI stands strong as a rock
Why underconsumption won’t last in Singapore
AI’s uneven effect on the US economy
Pivotal economic challenges for the Prabowo administration
Low prices, weather headline crop producers’ concerns for 2025
Should TNB bear cost of EV ‘charge’?
Govt intervention won’t fix housing prices
The key to a future-ready civil service
Complications in Public Bank’s corporate exercise

Others Also Read