KUALA LUMPUR: The government is finalising the mechanism for the Employees Provident Fund (EPF) flexible account, which would allow contributors to access their savings at any time.
Deputy Finance Minister Datuk Seri Ahmad Maslan told the Dewan Rakyat that this account could be accessed by all members regardless of their income levels.
"This is to help ease the financial burden, particularly among those who are facing emergencies. We are finalising this," he said, responding to a supplementary question from Kalam Salan (Perikatan Nasional-Sabak Bernam).
Kalam had asked if the government if it would allow more targeted EPF withdrawals, as it did at the height of the Covid-19 pandemic.
Ahmad said the government had no intention of allowing another round of targeted EPF withdrawals, adding that the flexible account would be enforced next year.
During the tabling of the 2024 Budget, Prime Minister Datuk Seri Anwar Ibrahim had announced that the government would be introducing flexible EPF accounts for immediate EPF withdrawals.