EPF Account 3: Flexibility or Erosion of Retirement Savings?

By Philip Khor

June 2024 FEATURE
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IN MAY 2024, Malaysia’s retirement savings fund, the Employees’ Provident Fund (EPF), restructured contributors’ accounts with the introduction of Account 3, a new, flexible account. The public, grappling with a rising cost of living, has been pressing for further withdrawal options. Account 3, emphasising flexibility, can be seen as a response to this pressure. However, concerns remain about the potential impact on long-term retirement security.What Is Account 3?Currently, 70% of EPF contributions go towards Account 1, which may only be...

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Philip Khor

is a Visiting Data Scientist at Penang Institute with a background in financial sector regulatory modeling, technical writing and enterprise data science training. His interests include labour and health economics, the ethics of artificial intelligence and climate policy.

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