KUALA LUMPUR (July 11): The Employees Provident Fund (EPF) is looking to create a new account dubbed Account 3 to cater for informal workers, who will be allowed the flexibility of making withdrawals of any amount at any time.

“Hopefully, we will be able to address some of the cash flow concerns that informal sector workers have,” EPF chief strategy officer Nurhisham Hussein told a media briefing on Tuesday (July 11).

But he added that while the purpose of Account 3 is to address cash flow issues among informal sector workers, existing members may also voluntarily opt-in once the account is created.

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“It is purely optional for the existing members. We will be allowing this (existing members to open Account 3) once it comes into existence,” said Nurhisham.

He said existing members will be able to transfer their savings from Accounts 1 and 2 to Account 3 and be able to make unconditional withdrawals.

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