The EPF is working to rebuild the savings of contributors after the withdrawal of RM145 billion through four Covid-19-related withdrawal facilities, says finance minister II Amir Hamzah Azizan.
He said 8.2 million contributors had made withdrawals through the i-Lestari, i-Sinar, i-Citra and special withdrawal facilities.
“Therefore, the focus is now on strengthening retirement savings and ensuring that members enjoy a sustainable retirement income,” he said during a question-and-answer session at the Dewan Negara today.
He was responding to a question from Senator Hasbi Muda on whether contributors had enough savings for their retirement.
Amir said the government did not intend to introduce new withdrawals since the EPF account structure had been revamped through the creation of Account 1, Account 2 and Account 3, where Account 3 is flexible for withdrawals during emergencies.
He said the EPF was also looking into a proposal for a monthly pension payment scheme for new members, expected to be approved in the next few years, to which existing contributors could choose to switch.
