Kuala Lampur, April 28 -- The Employees Provident Fund's (EPF) recent announcement on restructuring members' accounts from two to three, namely Akaun Persaraan, Akaun Sejahtera and Akaun Fleksibel, represents a refinement to Malaysia's retirement saving scheme.

The restructuring exercise appears to take a middle approach in striking a balance between meeting the contributors' short-term needs and long-term financial security for retirement. The newly created Akaun Fleksibel provides flexibility for members to utilise savings as and when needed, contrary to the other two accounts that have age and use limitations for withdrawals.

Meanwhile, the 5% increase in the Akaun Persaraan's contribution to 75% underscores EPF's commitment to prior...