DAP man advocates limitation in withdrawals from EPF’s Flexible Account

As many embrace the implementation of the Flexible Account by the Employees Provident Fund (EPF), effective this May 11, it should also be acknowledged that such a move would require refinement and maturation over time, says a Democratic Action Party (DAP) member.

In this respect, DAP Bintulu publicity secretary Chiew Chan Yew advocated the need for certain limitations such as the monthly withdrawal caps and adjustments during special occasions, to ensure responsible utilisation of funds.

Adding on, he said more progressive initiatives from the government were ‘eagerly anticipated’, including the possibility of allowing EPF contributors to engage in investment activities on Bursa Malaysia via this Flexible Account.

“We believe that continued collaboration and innovation will further enhance the financial well-being of EPF members and contribute to the nation’s economic growth, as we are poised to usher in a new era of financial empowerment and security for EPF members across the country,” he said when asked to comment on the EPF’s restructuring initiative, which he viewed as ‘signifying a progressive stride by the government to empower EPF members with greater flexibility and control over their savings’.

“The Flexible Account initiative allows EPF members to make withdrawals from their own flexible accounts, marking a significant departure from the traditional framework.

“Recognising the evolving financial landscape and changing lifestyles, particularly post-Covid-19, this initiative underscores the government’s commitment to adapting to the needs of its citizens,” he said.

In addition to the Flexible Account initiative, Chiew said EPF members could also benefit from other savings initiatives such as i-Saraan, and the i-Suri.