{"id":59258,"date":"2023-10-16T17:10:05","date_gmt":"2023-10-16T09:10:05","guid":{"rendered":"http:\/\/wordpress-my-161844363.ap-southeast-1.elb.amazonaws.com\/articles\/?p=59258"},"modified":"2023-10-16T17:12:40","modified_gmt":"2023-10-16T09:12:40","slug":"epf-restructuring-flexible-accounts","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/epf-restructuring-flexible-accounts","title":{"rendered":"EPF Introducing Flexible Accounts For Members"},"content":{"rendered":"

Following Prime Minister Datuk Seri Anwar Ibrahim\u2019s announcement during the tabling of Budget 2024, the Employees\u2019 Provident Fund (EPF) will undergo a restructuring of contributor\u2019s accounts to help them maximise their retirement savings.<\/span><\/p>\n

In his speech during the tabling of Budget 2024<\/a>, Anwar introduced a host of changes for EPF accounts. The changes are aimed at improving the social security net that EPF provides.<\/span><\/p>\n

<\/span>Prioritising retirement wellbeing<\/span><\/h2>\n

\u201cThe accounts of EPF contributor\u2019s will be restructured to help maximise retirement savings. A flexible EPF account will also be introduced as a new account that allows contributors to access their accounts at any time,\u201d said Anwar.<\/span><\/p>\n

EPF\u2019s chief executive officer, Datuk Seri Amir Hamzah Azizan said that the changes will help contributors balance out their short, medium and long-term goals.<\/span><\/p>\n

“In line with the rapid ageing phenomenon and the increasingly informal work landscape in Malaysia, EPF continues to review the EPF scheme to ensure that EPF members can meet their lifecycle needs without affecting their savings for retirement.<\/span><\/p>\n

“At the same time, the EPF will also introduce a Flexible Account as a new account that can be accessed by members at any time, especially in times of emergency,” said Amir Hamzah in a statement<\/a> today.<\/span><\/p>\n

<\/span>Matching incentive for i-Saraan<\/span><\/h2>\n

Amir Hamzah also touched on several other key initiatives involving EPF which was announced during the tabling of Budget 2024, such as the increase of the government\u2019s matching incentive for the i-Saraan programme.<\/span><\/p>\n

“Additionally, the i-Saraan programme has also been enhanced where eligible Malaysians in the informal sector- including housewives and those with no fixed income under the age of 60- will have the opportunity to receive a lifetime incentive of RM5,000 per individual, with a capping of RM500 per year.<\/span><\/p>\n

“This incentive is set to benefit more than 350,000 current and new i-Saraan participants,” he said.<\/span><\/p>\n

Amir Hamzah also stated that he is confident that all the initiatives introduced in Budget 2024 will help Malaysians increase their retirement savings.<\/span><\/p>\n

“EPF supports and will work with the government in realising the aspirations of Malaysia Madani to ensure the retirement life of Malaysians is secured,” he said.<\/span><\/p>\n

<\/span>Expanding i-Sayang and i-Suri programmes<\/span><\/h2>\n

Other additional support include expanding the i-Sayang programme to cover husbands with working wives. In the statement, Amir revealed that 34,000 accounts have been created to date.<\/p>\n

Similarly, the government’s matching incentive under the i-Suri programme will be exteneded. Amir stated that a matching incentive will be provided for every ringgit contributed into the EPF Scheme by housewives under the age of 60 years old registered in the e-Kasih database. Participants will also have the opportunity to receive a lifetime incentive of up to RM3,000 per individual, subject to a capping of RM300 matching incentive per year.<\/p>\n","protected":false},"excerpt":{"rendered":"

EPF will introduce flexible accounts to help maximise contributor\u2019s savings as well as enhancing support for i-Saraan, i-Sayang and i-Suri.<\/p>\n","protected":false},"author":51,"featured_media":59264,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[271,256,216],"tags":[1395,1396,340],"class_list":["post-59258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lifestyle","category-news-updates","tag-budget-2024","tag-datuk-seri-anwar-ibrahim","tag-epf"],"acf":[],"yoast_head":"\nEPF To Maximise Savings By Restructuring Contributor\u2019s Accounts<\/title>\n<meta name=\"description\" content=\"EPF will introduce flexible accounts to help maximise contributor\u2019s savings as well as additional support for i-Saraan, i-Sayang and i-Suri.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.imoney.my\/articles\/epf-restructuring-flexible-accounts\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EPF To Maximise Savings By Restructuring Contributor\u2019s Accounts\" \/>\n<meta property=\"og:description\" content=\"EPF will introduce flexible accounts to help maximise contributor\u2019s savings as well as additional support for i-Saraan, i-Sayang and i-Suri.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.imoney.my\/articles\/epf-restructuring-flexible-accounts\" \/>\n<meta property=\"og:site_name\" content=\"iMoney Malaysia\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-16T09:10:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-16T09:12:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/10\/16170936\/kwsp-logo-closeup.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Haziq Alfian\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Haziq Alfian\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.imoney.my\/articles\/epf-restructuring-flexible-accounts\",\"url\":\"https:\/\/www.imoney.my\/articles\/epf-restructuring-flexible-accounts\",\"name\":\"EPF To Maximise Savings By Restructuring Contributor\u2019s Accounts\",\"isPartOf\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/epf-restructuring-flexible-accounts#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/epf-restructuring-flexible-accounts#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/10\/16170936\/kwsp-logo-closeup.jpg\",\"datePublished\":\"2023-10-16T09:10:05+00:00\",\"dateModified\":\"2023-10-16T09:12:40+00:00\",\"author\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/c8b6d65e0078bab2c19286b8db39547a\"},\"description\":\"EPF will introduce flexible accounts to help maximise contributor\u2019s savings as well as additional support for i-Saraan, i-Sayang and i-Suri.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/epf-restructuring-flexible-accounts#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.imoney.my\/articles\/epf-restructuring-flexible-accounts\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.imoney.my\/articles\/epf-restructuring-flexible-accounts#primaryimage\",\"url\":\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/10\/16170936\/kwsp-logo-closeup.jpg\",\"contentUrl\":\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/10\/16170936\/kwsp-logo-closeup.jpg\",\"width\":1200,\"height\":628,\"caption\":\"EPF logo\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.imoney.my\/articles\/epf-restructuring-flexible-accounts#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.imoney.my\/articles\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"News Updates\",\"item\":\"https:\/\/www.imoney.my\/articles\/category\/news-updates\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"EPF Introducing Flexible Accounts For Members\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#website\",\"url\":\"https:\/\/www.imoney.my\/articles\/\",\"name\":\"iMoney Malaysia\",\"description\":\"Everything you need to know about improving your personal finances.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.imoney.my\/articles\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/c8b6d65e0078bab2c19286b8db39547a\",\"name\":\"Haziq Alfian\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/4165e8554ae5d986f5bed18bcaa78ba3?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/4165e8554ae5d986f5bed18bcaa78ba3?s=96&d=mm&r=g\",\"caption\":\"Haziq Alfian\"},\"description\":\"A reader turned writer, Haziq Alfian navigates personal finance, sports, and politics with a practical touch. From money matters to the playing field and political landscapes, Haziq aims at providing you with a grounded, unbiased, and simple look at the daily happenings of the world.\",\"url\":\"https:\/\/www.imoney.my\/articles\/author\/haziq-alfian\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"EPF To Maximise Savings By Restructuring Contributor\u2019s Accounts","description":"EPF will introduce flexible accounts to help maximise contributor\u2019s savings as well as additional support for i-Saraan, i-Sayang and i-Suri.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.imoney.my\/articles\/epf-restructuring-flexible-accounts","og_locale":"en_US","og_type":"article","og_title":"EPF To Maximise Savings By Restructuring Contributor\u2019s Accounts","og_description":"EPF will introduce flexible accounts to help maximise contributor\u2019s savings as well as additional support for i-Saraan, i-Sayang and i-Suri.","og_url":"https:\/\/www.imoney.my\/articles\/epf-restructuring-flexible-accounts","og_site_name":"iMoney Malaysia","article_published_time":"2023-10-16T09:10:05+00:00","article_modified_time":"2023-10-16T09:12:40+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/10\/16170936\/kwsp-logo-closeup.jpg","type":"image\/jpeg"}],"author":"Haziq Alfian","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Haziq Alfian","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.imoney.my\/articles\/epf-restructuring-flexible-accounts","url":"https:\/\/www.imoney.my\/articles\/epf-restructuring-flexible-accounts","name":"EPF To Maximise Savings By Restructuring Contributor\u2019s Accounts","isPartOf":{"@id":"https:\/\/www.imoney.my\/articles\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.imoney.my\/articles\/epf-restructuring-flexible-accounts#primaryimage"},"image":{"@id":"https:\/\/www.imoney.my\/articles\/epf-restructuring-flexible-accounts#primaryimage"},"thumbnailUrl":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/10\/16170936\/kwsp-logo-closeup.jpg","datePublished":"2023-10-16T09:10:05+00:00","dateModified":"2023-10-16T09:12:40+00:00","author":{"@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/c8b6d65e0078bab2c19286b8db39547a"},"description":"EPF will introduce flexible accounts to help maximise contributor\u2019s savings as well as additional support for i-Saraan, i-Sayang and i-Suri.","breadcrumb":{"@id":"https:\/\/www.imoney.my\/articles\/epf-restructuring-flexible-accounts#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.imoney.my\/articles\/epf-restructuring-flexible-accounts"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.imoney.my\/articles\/epf-restructuring-flexible-accounts#primaryimage","url":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/10\/16170936\/kwsp-logo-closeup.jpg","contentUrl":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/10\/16170936\/kwsp-logo-closeup.jpg","width":1200,"height":628,"caption":"EPF logo"},{"@type":"BreadcrumbList","@id":"https:\/\/www.imoney.my\/articles\/epf-restructuring-flexible-accounts#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.imoney.my\/articles\/"},{"@type":"ListItem","position":2,"name":"News Updates","item":"https:\/\/www.imoney.my\/articles\/category\/news-updates"},{"@type":"ListItem","position":3,"name":"EPF Introducing Flexible Accounts For Members"}]},{"@type":"WebSite","@id":"https:\/\/www.imoney.my\/articles\/#website","url":"https:\/\/www.imoney.my\/articles\/","name":"iMoney Malaysia","description":"Everything you need to know about improving your personal finances.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.imoney.my\/articles\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/c8b6d65e0078bab2c19286b8db39547a","name":"Haziq Alfian","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/4165e8554ae5d986f5bed18bcaa78ba3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4165e8554ae5d986f5bed18bcaa78ba3?s=96&d=mm&r=g","caption":"Haziq Alfian"},"description":"A reader turned writer, Haziq Alfian navigates personal finance, sports, and politics with a practical touch. From money matters to the playing field and political landscapes, Haziq aims at providing you with a grounded, unbiased, and simple look at the daily happenings of the world.","url":"https:\/\/www.imoney.my\/articles\/author\/haziq-alfian"}]}},"_links":{"self":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/59258"}],"collection":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/users\/51"}],"replies":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/comments?post=59258"}],"version-history":[{"count":5,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/59258\/revisions"}],"predecessor-version":[{"id":59267,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/59258\/revisions\/59267"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/media\/59264"}],"wp:attachment":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/media?parent=59258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/categories?post=59258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/tags?post=59258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}