KUALA LUMPUR: The Employees Provident Fund (EPF) has introduced i-Legasi, i-Emas and the Retirement Goal Calculator as part of a broader effort to strengthen retirement security and financial resilience across generations.
EPF chief executive officer Ahmad Zulqarnain Onn said the initiatives reflected the fund’s commitment to helping members not only accumulate savings, but also manage and sustain retirement income more effectively.
“As life expectancy rises, retirement planning must go beyond savings accumulation to focus on adequacy and sustainability.
“We are evolving to support our members not just in saving, but in making informed decisions to ensure their savings last a lifetime and to leave a legacy for their loved ones,” he said in a statement on Monday (May 11).
The newly introduced i-Legasi facility allows EPF members aged 55 and above to transfer a portion of their savings to the EPF accounts of immediate family members, namely spouses and children, once they reach full withdrawal age.
The transfer is subject to the Retirement Income Adequacy (RIA) Framework, with only savings above the Adequate Savings level eligible for transfer.
EPF said the transferred amount would come from savings already available for withdrawal and would be channelled into the recipient’s retirement savings account to ensure the funds remain preserved for long-term retirement purposes.
Members aged 55 or 60 and above with savings exceeding the Adequate Savings threshold may transfer funds to more than one family member, provided the remaining balance stays above the required level.
Recipients must be immediate family members below the national minimum retirement age of 60, and must be Malaysian citizens or permanent residents who are EPF members.
Meanwhile, the EPF has rebranded its existing monthly payment method under the Age 55/60 Withdrawal as i-Emas to encourage members to manage their retirement savings more sustainably.
Under the facility, members may opt for automated monthly payments instead of making a full withdrawal upon reaching retirement age, while allowing the remaining balance to continue earning annual dividends.
Ahmad Zulqarnain said more than 21,000 members had already opted for monthly withdrawals upon reaching the age of 55 or 60, reflecting growing awareness of the importance of structured retirement income.
“i-Emas provides the flexibility to manage daily needs while protecting members against financial risks such as scams and rapid fund depletion, and ensuring a stable flow of income throughout retirement,” he said.
The EPF also launched the Retirement Goal Calculator via the KWSP i-Akaun application to help members better plan their retirement finances.
The digital tool enables members to estimate future savings requirements based on lifestyle expectations and projected expenses, while also helping them identify potential savings gaps and assess their retirement preparedness.
EPF said the initiatives formed part of its broader approach towards building a more holistic retirement system focused on savings accumulation, sustainable income management and intergenerational financial security. - Star
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