Kuala lumpur: The government is currently reviewing a proposal to introduce a new structure for the Employees Provident Fund (EPF) accounts, as announced by Deputy Finance Minister Lim Hui Ying. This new structure would be applicable to contributors upon reaching the minimum retirement age.

According to BERNAMA News Agency, Lim explained that the proposed structure would be divided into two components. The first component involves flexible savings, allowing withdrawals at any time based on the member’s needs. The second component is designed for retirement income savings, where savings would be distributed periodically or monthly until fully depleted.

“This new structure will apply only to new members registering after the implementation date. Existing members may also be allowed to opt into the proposed structure once it’s implemented,” Lim stated during a session in the Dewan Rakyat. Her response came following a supplementary question from Jimmy Puah Wee Tse (PH-Tebrau) regarding government measures to implement the proposal and re-evaluate EPF savings withdrawal methods.

Lim reassured that there are no changes to the existing EPF withdrawal policy, and the option to withdraw savings at ages 55 and 60 will continue. “Currently, members can withdraw their savings in a lump sum, partially, or through periodic payments,” she noted.

She further highlighted that as of August 31, 2025, the EPF membership stands at 16.5 million, with total savings amounting to RM1.31 trillion. This marks a 9.9 percent increase compared to RM1.20 trillion in 2024, and a 20.8 percent rise from RM1.01 trillion in 2023. Of the total membership, 9 million, or 55 percent, are active contributors with savings totaling RM1.07 trillion.