EPF will launch an alternative savings option according to environmental, social and governance (ESG) factors, providing members with the choice of managing their savings based on their personal values.

EPF members who have wiped out their Account 2 after the special withdrawals must wait longer before they can withdraw their savings to use for medical expenses, housing or studies.

Starting April 1, EPF members who want to withdraw their savings under the latest withdrawal facility can do so via a special portal. They can also apply via the i-Akaun mobile app.

The Malaysian Employers Federation stated that the EPF should not implement any more withdrawal schemes from its savings before its members reach their retirement age of 60 to ensure they have enough savings. 

The i-Sayang scheme would enable the voluntary transfer of 2.0% EPF contributions from the husband's to the wife's EPF account.

The EPF revealed that Covid-19-related withdrawals for the past two years had a huge effect on the members' savings. As of now, only 3% of EPF contributors can afford their retirement. 

The special withdrawals like i-Citra, i-Sinar, and i-Lestari left 73% of EPF members in a critical state of having insufficient funds to retire above the poverty line

Malaysia's retirement system was placed third in Asia and 23rd globally in the 13th annual Mercer CFA Institute Global Pension Index (MCGPI).

This first initiative provides flexibility on the payment period for current mandatory contribution. The second initiative offers up to 70% discount on outstanding late payment charges.

EPF says that if the amount of funds in Account 2 is not enough, EPF will allow depositors to utilise Account 1.