The announcement by the Employees Provident Fund (EPF) regarding the restructuring of members' accounts, aimed at bolstering income security post-retirement and addressing immediate needs, has raised a surge of questions from the public.
As announced by EPF, the three accounts are:
- Akaun Persaraan: Previously known as Account 1, serves as a repository for savings aimed at retirement.
- Akaun Sejahtera: Previously known as Account 2, designed to cater to various life cycle needs.
- Akaun Fleksibel: Provides flexibility for short-term financial needs. Savings in this account can be withdrawn at any time.