AS Malaysia's employment patterns change along with a demographic shift, the Employees Provident Fund (EPF) has moved in tandem by restructuring its accounts and introducing Akaun Fleksibel.

Economists said the EPF's decision to allow its members the option to transfer part of their savings balance in Akaun Sejahtera to Akaun Fleksibel and Akaun Persaraan was in response to the public's needs, especially after the Covid-19 pandemic hammered the country economically for two years.

The main objective of the account restructuring initiative is to boost members' savings for their post-retirement needs while at the same time providing flexibility for members to access cash for short-term needs.

A series of withdrawals allowed by the government had led the EPF to conduct an in-depth study in line with the challenges faced by the rakyat, especially on the higher cost of living.

"Hence, Akaun Fleksibel was created to fulfil the demand and, at the same time, balance the financial needs after retirement .

"This has shown that the EPF has acted in line with the changing employment patterns and demographic shift, and continues to do so through data gathering.