KUALA LUMPUR, May 11 — The Employees Provident Fund (EPF) today introduced the i-Legasi facility, which allows members to transfer a portion of their retirement savings to the EPF accounts of immediate family members.
The option, however, will only be available to contributors aged 55 or 60 and above with savings exceeding the Adequate Savings level.
i-Legasi was among several measures rolled out by the EPF to help Malaysians prepare for longer retirement years as life expectancy continues to rise.
Other initiatives announced by the EPF include the rebranding of monthly EPF withdrawals for contributors aged 55 or 60 as i-Emas, as well as the introduction of a Retirement Goal Calculator.
EPF chief executive officer Ahmad Zulqarnain Onn said more than 21,000 members have opted for monthly withdrawals after reaching the age of 55 or 60, reflecting growing awareness of the need for a structured monthly income after retirement.
“Rather than withdrawing their savings in full upon reaching age 55/60, members can opt for automated monthly payments via i-Emas, allowing their remaining balance to continue earning annual dividends,” he said in a statement today.
Meanwhile, the Retirement Goal Calculator is a new digital tool now available via the KWSP i-Akaun application to help contributors plan for retirement.
The calculator guides EPF members in estimating their future savings needs based on their lifestyle expectations and projected expenses.
Through personalised projections, members can assess their current financial position, identify potential savings gaps and better understand their level of retirement preparedness.
“Our goal is to help our members retire with confidence and dignity.
“By strengthening the financial resilience of the next generation through i-Legasi and encouraging sustainable habits with i-Emas, we are building a more secure future for our members,” Ahmad Zulqarnain added.
