#Budget2024: Govt To Introduce New EPF Account That Allows Withdrawal At Any Time
The proposal to introduce an Employee Provident Fund (EPF) 'Account 3' was first announced in July.
By Yap Wan Xiang — 13 Oct 2023, 06:44 PM
Prime Minister Datuk Seri Anwar Ibrahim proposed that the government will restructure the Employee Provident Fund (EPF) to establish an account that allows withdrawal any time
Anwar, who is also the Finance Minister, said the proposal can empower EPF members to manage their retirement savings.
The Tambun member of parliament made the announcement while tabling Budget 2024 at Dewan Rakyat today, 13 October.
This is not the first time the government mooted the introduction of an 'Account 3'.
In July, EPF chief strategy officer Nurhisham Hussein said those who sign up for an 'Account 3' will be able to transfer their savings from Accounts 1 and 2 to Account 3, from which people will be able to make unconditional withdrawals.
Nurhisham said the special account will act as an emergency fund, and will probably offer a lower dividend compared to the other two accounts.
