3rd EPF account for the cash-strapped

The Employees Provident Fund's much-awaited Account 3 is expected to comprise 10 per cent of future monthly contributions that account holders can withdraw at any time.

More details on the facility are expected to be announced soon, but the New Straits Times is made to understand that only contributions from May onwards would be used for Account 3 and existing funds in Accounts 1 and 2 will be untouched.

This means Account 3 will start with zero balance.

The spirit behind the new facility, also known as the Flexible Account, is to help contributors sustain their livelihoods before they hit retirement age.

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#NST #NSTTV

[sunshinewithin]

What if there are no more contributions happening, what is the purpose of Account 3 ?

[jackofatraits]

The implementation of account 3 is very stupid. Why not just just allow for contributors to reduce the % for those who is cash strap. The effect is the same. Epf then do not need to change any internal system design and can save cost. Whois the idiot who thought if this account 3

[ChuanTeh]

I know tons of people withdraw EPF for renovation, buying house, anak anak kawin personal use buying cars 😢 what are EPF

[viknes]

The cash strap is for those who don't have a permanent job la, that's why it is better to focus on 🎯 group rather than this crap plan, can't understand this government

[thlim]

Isn’t the 3rd A/C a mockery of why we contribute money into EPF? Govt should just review that EPF contributors should just contribute 90% of monthly contibution since allowing contributors to withdraw the 10% anytime will only mean more unnecessary red tapes. I cannot comprehend the reason for the 3rd A/C!

[cherubimcherubim]

Sound too soft lah can't hear anything

[rlogeswaran]

Most malaysians witdraw epf to pay off housing loan n etc loans, dnt have much fund to enjoy their retirements

[ttruth]

Final game: Account 2 - cannot withdraw money after introduce Account 3.

[jeppahmad]

Stupid plan from the Government of Madani..semua dah Mahaldahni

[whaz]

Not good for retirement investment.

May be just withdrew from acc 3 & reinvest back into acc 1 / acc 2, or

reinvest back into other equivalent low risk investment out there.

Those that have higher investment risk appetite will have different strategy though

[msan]

Kenapa caruman akaun 1 naik dari 70% ke 75%?..kebolehgunaan akaun 2 yang dahulu semakin berkurang bg tujuan bantu bayar rumah, pendidikan dan sebagainya..

[iee]

Suggestions:
Acct4: for paying TNB
Acct5: for paying WIFI
Acct6: for paying Petrol
Acct7: for holiday

[FoongMeng-id]

Just let the members who want withdraw10k, from acct 1 or act 2, stupid epf

[RoyGary]

Susah2, bagi kelonggaran ambik duit akaun 2 dah la😅

[morbid]

Most Malays only have less than Rm5000 in their EPF account after the MCO. It's too late for them to save money for retirement if they are middle age working adults.

[darrelcheong]

record with nokia 3310 100m apart? get a mic la!

[ShaifulazlishaifulShaifu-vcgf]

Zalim.. yang ada baki akaun 2.. mudahkan la

[Internet_God]

ni account reka khas utk walaun PN yg slalu buat bising nk amik wang kwsp..HAHAHAHAH

[MaverickEchoJuliet]

The account 3 is totally unnecessary, why not just have it apply only to those who want or need it ? Not fair to drag everybody down just because a small portion of members want it ??😡😡😡

[cmwong]

What's the point of Account 3??? For the cash strapped people who needs the money straight away??? Lol what a joke