EPF to unveil Account 3 in April: Amir Hamzah

KUALA LUMPUR: The Employees’ Provident Fund (EPF) is expected to announce the flexible account or Account 3 initiative in April, including the withdrawal mechanism and flexibility for contributors, Finance Minister II Datuk Seri Amir Hamzah Azizan said.

He said Account 3 will be explained to contributors after the dividend distribution announcement this Sunday.

“They (EPF) will also clarify how it can be withdrawn and explain the division mechanism of Account 3,” he said in response to a supplementary question from Khairil Nizam Khirudin (PN-Jerantut) on the status of Account 3, particularly in terms of withdrawals during the question and answer session in the Dewan Rakyat today.

He also emphasised that the government is not looking at any targeted withdrawal because this will worsen the issue of insufficient retirement savings.

“The government is not looking at targeted withdrawals because there will be flexibility in Account 3,” he said. – Bernama