EPF Account 3 will act like a savings account but with lower returns than Accounts 1 and 2.
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NST said only contributions from May onwards would be used for Account 3 while existing funds in Accounts 1 and 2 will remain untouched. In other words, Account 3 will start with zero balance. Since the funds in Account 3 are expected to remain for a short time, the account will likely command lower returns than the other accounts.
Netizens’ reactions to EPF’s Account 3 The addition of Account 3 has drawn mixed responses from the public. Aside from worrying about longterm financial security of members, there are concerns about being forced to save in an account offering lower returns.
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