KUALA LUMPUR: The Employees Provident Fund (EPF) flexible account is expected to be implemented in April next year.
Deputy Finance Minister I Datuk Seri Ahmad Maslan said the government is combing through the details for the account and related agencies have provided their views on the matter.
"The EPF will announce its dividend in February and more details on the flexible account would also be announced. For now related organisations have given their views on the flexible account and the public could also write to the Finance Ministry and EPF on the matter.
"The third account will be implemented starting from April next year," he told reporters at the 40th Asean Social Security Association (ASSA) Seminar and Board Meeting.
When asked about the public's concerns on their retirement fund being affected by the flexible account, the deputy minister said there would be several aspects within the account that would not affect contributor's savings.
"It was stated that there would be a certain percentage contributed towards the third account and it can only be withdrawn during emergencies.
"That is why the government is getting more details on the types of emergencies that would allow for withdrawals," he added.
EPF chief executive officer Datuk Seri Amir Hamzah Azizan said it is fine tuning the details for withdrawals of Account 3.
"We are looking at all possibilities, whether it (withdrawals) is free for all or whether it should be guided.
"The concept at the moment is to have a flexible account because we have learned during Covid that sometimes there would be circumstances that make it difficult to go from day to day," he said.
During the tabling of the 2024 Budget, Prime Minister Datuk Seri Anwar Ibrahim announced that the government would be introducing flexible EPF accounts for immediate EPF withdrawals.
Following the announcement, the EPF stated that it will carry out a restructuring of the accounts of contributors to further empower and maximise their retirement savings for their old-age wellbeing.