EPF launches three-tier savings framework for different retirement lifestyles

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KUALA LUMPUR: The Employees Provident Fund (EPF) has rolled out a new three-tier savings framework as a reference for Malaysians to maintain different levels of financial security post-retirement.

The RIA Framework will be based off the Belanjawanku Guide, developed by the EPF and Social Wellbeing Research Centre (SWRC) at the University of Malaya, which estimates the minimum monthly expenses needed for a decent living standard in Malaysia.

Meanwhile, the withdrawal policy for savings above RM1 million will align with the enhanced savings benchmark, offering members flexibility in managing their surplus funds.

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Article Details

Category: EconomyBusiness

Markets: Malaysia

Topics: Pension Income /Business/Business News EPF Belanjawanku RIA Framework Savings KWSP Economy Retirement

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-12 @ 12:21:00 (2 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 507 words

Reading Time: 3 minutes read

Sentences: 22 lines

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Copyright Owner: © The Star

News ID: 24368137

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