A juggling act for EPF savings

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A juggling act for EPF savings
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SYNDICATES that enable their clients to marry women who are already married, otherwise known as “nikah siri”, are increasingly gaining acceptance from locals in the Klang Valley, Kosmo! Ahad reported.

Prioritise savings for long-term benefits: There are currently two EPF accounts: Account 1 which cannot be accessed until retirement, and Account 2, where funds can be withdrawn for purposes such as education or payment for housing loans. — Filepic

“The flexible account can be tapped into for emergency funds,” he said when asked for his opinion on the government’s move to introduce a new flexible account for EPF members that is accessible anytime.Currently, there are two accounts in EPF – Account 1 which cannot be accessed until retirement, and Account 2, where funds can be withdrawn for purposes such as education or payment for housing loans.

Malaysia University of Science and Technology economics professor Geoffrey Williams said EPF was very heavily affected by the withdrawals allowed to ease the people’s financial woes due to the Covid-19 pandemic. “Restructuring the accounts is an important part of this to allow a new flexible savings account to complement the long-term Accounts 1 and 2,” he said.

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