EPF CEO Amir Hamzah Azizan says the fund has to respond to Malaysia’s ageing population and help people meet their financial needs.
EPF would require parliamentary approval on any plans to restructure its savings accounts, according to its CEO Amir Hamzah Azizan.
PETALING JAYA: The Employees Provident Fund plans to restructure its savings accounts as part of a move to boost members’ savings. In a statement, EPF said it had to respond to Malaysia’s ageing population by helping members meet financial needs while safeguarding their retirement savings. “The EPF will also introduce a flexible account, which can be accessed by members at any time, especially in times of emergency,” it said.EPF CEO Amir Hamzah Azizan said this initiative has the potential to empower people to grow their retirement savings, while fostering financial well-being within their families.
“As a retirement fund, EPF supports and will work with the government in realising the aspirations of Malaysia Madani to ensure the post-retirement life among Malaysians is secure,” Amir said.EPF said the government is also bolstering retirement savings programmes, including raising the i-Saraan programme’s annual maximum incentive, expanding the i-Sayang initiative to include husbands, and extending the i-Suri programme for housewives with matching contributions and lifetime incentives.
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