The Employees Provident Fund (EPF / KWSP) is set to launch Account 3 soon, New Straits Times reports. It is revealed that this new facility (also referred to
The Employees Provident Fund is set to launch Account 3 soon, New Straits Times reports. It is revealed that this new facility is intended to support account holders in cases of emergencies, allowing them to withdraw 10% of their monthly contributions at any time.
The revamped system will see monthly contributions divided into three parts: 75% into Account 1, 15% into Account 2, and the remaining 10% into the new Account 3. The latter is said to operate like a savings account, enabling easy withdrawals, but members can also transfer funds to Accounts 1 and 2 to maximise capital gains.Currently, 70% of monthly contributions go into Account 1 , while 30% is allocated to Account 2.
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