KUALA LUMPUR: A total of RM10.78 billion has been withdrawn from the Employees Provident Fund (EPF) Account 3 (Flexible Account) by members under the age of 55, stated the Ministry of Finance (MoF).

According to BERNAMA News Agency, the ministry revealed in a parliamentary written reply that this sum involved 3.86 million, or 29.4 percent, of EPF members below the age of 55, as of September 30, 2024. The Flexible Account, also known as Account 3, was introduced to assist EPF members in managing short-term financial needs, which, if unmet, could adversely affect their retirement well-being.

The funds in this account are accessible at any time for any purpose, according to the member’s needs, particularly during emergencies, as stated by the MoF. This statement was made in response to a query from Datuk Wan Saifulruddin Wan Jan (PN-Tasek Gelugor), who sought clarification from the MoF regarding the effectiveness of EPF Account 3 in supporting contributors facing urgent financial situations.

Furthermore, the
ministry highlighted that withdrawals through the Flexible Account can indirectly enhance cash flow and provide assistance to members in need, especially in urgent situations.