Finance Ministry: 3.45 million EPF members transferred RM10.86b to Flexible Account as of June 10

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Preacher Firdaus Wong yet to give statement to cops over covert conversion of minors to Islam, cites busy schedule to EuropeIn a Parliamentary written reply, the MoF stated that 2.93 million members have withdrawn RM6.98 billion from the Flexible Account, with an average withdrawal of RM2,382. — Picture by Miera ZulyanaKUALA LUMPUR, June 27 ― A total of 3.45 million or 26.6 per cent of Employees' Provident Fund members under the age of 55, have opted to transfer RM10.

The MoF was responding to an enquiry from Datuk Seri Sh Mohmed Puzi Sh Ali about the current statistics on withdrawals made by EPF members under the account restructuring scheme.According to the MoF, most of these withdrawals can be accommodated by the EPF's current cash balance, net cash inflows from contributions, maturities, and investment income.

“To maintain the stability of members' retirement savings, the Retirement Account has been further strengthened to increase members' retirement savings,” the ministry said.Starting May 11, 2024, the contribution ratio to the Retirement Account will increase by five per cent to 75 per cent.

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