Kuala lumpur: The Employees Provident Fund (EPF) is turning its attention to rebuilding retirement savings after RM145 billion was withdrawn by contributors through COVID-19 related facilities, according to Finance Minister II Datuk Seri Amir Hamzah Azizan.

According to BERNAMA News Agency, the withdrawals involved 8.2 million contributors utilizing schemes such as i-Lestari, i-Sinar, i-Citra, and special withdrawals. Amir Hamzah emphasized that the current priority is on strengthening retirement savings to ensure that members can enjoy a sustainable income during their retirement years. He made these remarks during a question and answer session at the Dewan Negara, responding to a query from Senator Mohd Hasbi Muda regarding the sufficiency of contributors’ savings as they approach retirement age.

Amir Hamzah clarified that the government does not plan to introduce any new withdrawal schemes, as the EPF account structure has already been revamped. The restructuring created Account 1, Account 2, and Account 3, with Account 3 being designed for flexible withdrawals during emergencies. Additionally, the EPF is considering a proposal to implement a monthly pension payment scheme for new members, anticipated to be approved in the coming years, while existing contributors will have the option to switch to this scheme.