Nearly RM7 billion Have Been Withdrawn from KWSP’s Akaun 3 Since its Implementation, Says MoF

Times are tough and financial aid will ALWAYS help, more or less. With the government’s decision to help the people through the implementation of Akaun Fleksibel on KWSP, many contributors have taken the chance to withdraw some money to pay bills, debt, you name it.

1 of the Ministers of Finance, Datuk Seri Amir Hamzah Azizan said that as of June 10, 2024, 2.93 million contributors have used the advantage of Akaun Fleksibel, also known as Akaun 3, which involved nearly RM7 billion of withdrawals since its implementation.

“The main objective of the KWSP Account Restructuring is to ensure financial well-being of the contributors, in addition to meeting the needs of contributors at the time being,” Amir said in Parliament yesterday (June 26).

The withdrawals have resulted in a total expenditure of RM6.98 billion with an average expenditure of RM2,382, in addition to RM4.82 billion also being transferred to Member Sharing Accounts.

As for the pension savings, the credit ratio is 75% credited to the Persaraan Account, followed by the Sejahtera Account (15%) and the Flexible Account (10%). Previously, the credit ratio for the Persaraan Account was 70%.

“This initiative is not simply a government response to current needs, but a proactive step to help the people face changes in the employment landscape.”

Amir also said the initiative is to help KWSP contributors manage their finances with confidence in today’s tough economic situations.

“This initiative has shown a positive outcome after we see an increase of 39,000 members reaching the basic savings of RM240,000,” Amir added.

Do you think the implementation of Akaun 3 will benefit contributors in the long run? 

Also read: “House renovation & daughters’ weddings” – Retired M’sian Man Finishes His RM750k EPF Savings in 7 Years