EPF contribution rate to be unchanged with Account 3, says Ahmad Dzulqarnain

EPF contribution rate to be unchanged with Account 3, says Ahmad Dzulqarnain

SHAH ALAM (March 3): The mandatory contribution rate for Employees Provident Fund (EPF) accounts is expected to remain unchanged with the introduction of the flexible third account, according to the pension fund’s chief executive officer Ahmad Dzulqarnain Onn.

“We do not expect a change to the contribution rate,” Ahmad Dzulqarnain said during the fund’s financial results briefing on Sunday, adding that further details on Account 3 will be unveiled in April as previously announced.

“We’re still on track to that timeline,” he added.

The introduction of the new third account was announced during the tabling of Budget 2024 in October last year.

It is envisaged to have a withdrawal mechanism which allows contributors flexibility.

The EPF currently has two accounts, namely Account 1, which cannot be accessed until retirement, and Account 2, where funds can be withdrawn for purposes such as education or payment for housing, as well as a partial, one-time withdrawal at age 50.

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