The Employees Provident Fund (EPF) has announced several policy and product enhancements aimed at improving retirement adequacy, widening social protection coverage, and enhancing the overall experience for its members.
One of the notable changes is the increase in the haj withdrawal limit from RM3,000 to RM10,000 from Akaun Sejahtera. This move is intended to better support members planning to perform the haj. EPF also confirmed that members will no longer be required to verify their Tabung Haji savings balances when applying for the withdrawal, making the process simpler and more efficient.
To support gig economy workers, EPF is introducing i-Saraan Plus, a voluntary contribution scheme tailored for e-hailing and p-hailing drivers. Under this initiative, contributors will receive a higher government matching incentive of up to RM600 per year, subject to a lifetime cap of RM6,000.
In addition, the eligibility age for i-Suri will be extended from 55 to 60 years. The government will continue providing a matching incentive of 50 percent of annual contributions, capped at RM300 per year, with a lifetime limit of RM3,000.
EPF also announced that the Retirement Income Adequacy (RIA) Framework has come into effect. The framework introduces three savings tiers as a guide for retirement planning: Basic Savings set at RM390,000, Adequate Savings at RM650,000, and Enhanced Savings at RM1.3 million.
Aligned with the Enhanced Savings tier, EPF will gradually enhance its withdrawal policy for members with savings exceeding RM1 million. Members below the age of 55 will be allowed greater flexibility in managing excess funds once retirement needs are met. The excess withdrawal limit will be increased by RM100,000 annually over three years, starting with RM1.1 million in 2026
At the same time, the eligibility threshold for the Members Investment Scheme (MIS) will be aligned with the Basic Savings level. The minimum savings requirement for MIS eligibility will be revised in stages to ensure that investments do not compromise members’ essential retirement savings.
To further encourage voluntary savings, EPF is also introducing two new contribution options: i-Simpan for self-contributions and i-Topup for voluntary excess contributions beyond the statutory rate. These initiatives will complement existing schemes such as i-Saraan, i-Sayang, and i-Suri.
EPF stated that more information on these updates is available through the FAQs section on its official website.
