BY VIVYNNA ANN CHABU
KUCHING: The restructuring exercise to have Account 3 for the Employees’ Provident Fund (EPF) has received conflicting opinions within the local community.
The EPF has revealed the specifics of Account 3, a new account that allows members to withdraw funds whenever they choose. It seeks to assist persons in sustaining their livelihoods before reaching retirement age.
Prior to the official announcement, it is expected that contributions for Account 3 will commence as early as May onwards.
New Sarawak Tribune spoke to members of the public to get their views on the matter.
VANETH JESUS ROBIN, 27
Electrical engineer
I believe it is appropriate because it permits the owner to withdraw funds in case of an emergency. It can also be used to help those in need, but the money must be spent wisely. Personally, I don’t believe this move will have a major impact on my retirement plan, but everything depends on the individual.
KATERINA NANA DANG, 27
Administrative assistant
Account 3 may be obligatory for all EPF account holders. This change will make it easier for them to withdraw their funds. This effort will undoubtedly benefit individuals in need, making it easier for them to withdraw funds from their EPF accounts. This additional account may alter some retirement plans, but it is still up to the person in terms of saving and withdrawing money.
AARON EMPENIT TAWIE TINGGA, 30
Gym crew
Even though flexibility in withdrawals may help with immediate needs, I believe it is still the individual’s responsibility to manage their retirement resources. This effort provides at least a safety net for those experiencing financial difficulties, such as medical costs or rent. Personally, this additional account will have no impact on my retirement plan, as the effort gives short-term financial relief.
KEBIN SU-UR, 59
Private sector employee
I disagree with the implementation of Account 3 because EPF already has two accounts prior to this. People can withdraw from Account 2 as needed while keeping Account 1 as their savings account. I don’t think this initiative will help anybody, especially those who lack financial discipline.
SHARIFAH NONG-JASMINE SYED JUNAIDI, 40
Administrator
It depends if certain individuals genuinely need the money, but for myself, I simply keep it. Even if they are able to withdraw money, take the bare minimum. People, in my opinion, are materialistic. Instead of spending the money on necessities, they buy what they want. I’m childless now, and I’m not sure how long I’ll be childless and at least I have a backup plan as I become older.
