EPF's Account Three under the spotlight

All five Chinese dailies – China Press, Nanyang, Sin Chew, Kwong Wah and Guang Ming led with Employee Provident Fund (EPF) announcing the implementation of Account 3 effective, May 11.

The dailies covered various aspects on the new account.

Editorial

Nanyang Daily zoomed on KL20 Action Plan that is part of a plan to make Malaysia high income while reforming the economic structure. It hopes that the plan doesn’t end up as a failure.

Sin Chew Daily zoomed in the usage of EPF’s Account Three. Withdrawal frequency, amount, and intent would determine its effectiveness.

This flexible account would risk price inflation, reduce EPF’s local investments, impacting members’ long-term savings and complicate basic savings goals.

The daily factored in that half of the workforce lacked retirement security, hence there is a need for EPF to expand its coverage.

It also reminded that many are earning low wages which impacts retirement funds