Sim Kiang Chiok says EPF savings meant for rainy days

suppadmin | April 25, 2024

Stakan SUPP Chairman, Sim Kiang Chiok is of the opinion that EPF savings should be meant for rainy days.

He said in his personal opinion, the long-awaited proposed EPF A/C 3 that has finally been announced is beneficial for contributors.

According to the announcement, A/C 3 will be a flexible account that allows withdrawals at any time, and it will only deduct a small portion (10%) of the total monthly contribution.

However, the announcement did not mention how much interest will be earned in A/C 3 and how it will be credited—whether it will be daily or annually similar to A/C 1 and 2.

Sim said EPF savings are intended for our retirement and also contribute to our country’s economy and businesses by fulfilling our country’s capital requirements to invest ,earn and grow.

During the Covid-19 pandemic lockdowns, he pointed out EPF’s several special drawdowns have assisted its members in covering their living expenses when their earnings were affected.

From the Covid-19 experience, he stated that every member will face their own difficult days, and hopefully, with this flexible account, members will be more financially secure in their times of need.

“As with any savings, it should be reserved for our rainy day and retirement, and now EPF caters to both requirements,” he added.