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The new initiatives also include a Retirement Goal Calculator aimed at helping Malaysians assess savings gaps, plan future expenses, and support long-term financial security for their families.
The Employees Provident Fund (EPF) has introduced a series of new initiatives aimed at strengthening retirement security for Malaysians across different life stages.
The enhancements include the launch of i-Legasi, the rebranding of its monthly withdrawal payment method as i-Emas, and a new Retirement Goal Calculator available through the KWSP i-Akaun application.
According to EPF, the initiatives are aimed at helping members build retirement savings, manage and sustain their income after retirement, and strengthen financial security across generations.
Speaking on the announcement, Ahmad Zulqarnain Onn, Chief Executive Officer, EPF said that as life expectancy rises, retirement planning must move beyond simply accumulating savings and place greater focus on ensuring adequacy and long-term sustainability.
He added: “We are evolving to support our members not just in saving, but in making informed decisions to ensure their savings last a lifetime and to leave a legacy for their loved ones.”
i-Legasi to support intergenerational savings transfers
One of the key initiatives, i-Legasi, is a facility that enables EPF members to transfer a portion of their savings into the EPF accounts of immediate family members upon reaching the full withdrawal age.
According to EPF, the transfer amount is aligned with the Retirement Income Adequacy (RIA) Framework, where only savings above the adequate savings level are eligible for transfer.
The transferred funds will come from savings already available for withdrawal and will be placed into the recipient’s retirement savings account to ensure the funds remain preserved for long-term retirement purposes.
For members aged 55, the transfer will be made from Akaun 55, while members aged 60 and above will transfer from Akaun Emas. The funds will then be credited into the recipient’s Akaun Persaraan, or Akaun Emas for recipients aged between 55 and 59.
EPF members aged 55 or 60 and above who have savings exceeding the adequate savings level are eligible to make transfers under the facility. Members may also transfer funds to more than one family member, provided their remaining savings stay above the adequate savings threshold.
Recipients are limited to immediate family members, namely spouses and children, who are Malaysian citizens or permanent residents and below the national minimum retirement age of 60. EPF added that there is no limit on the amount recipients can receive.
i-Emas focuses on sustainable retirement income
EPF has also rebranded its existing monthly payment method under the Age 55/60 Withdrawal as i-Emas.
The initiative encourages members to consider structured monthly withdrawals instead of taking out their retirement savings in full upon reaching retirement age.
Under i-Emas, members receive automated monthly payments while the remaining balance in their account continues to earn annual dividends.
Ahmad Zulqarnain said more than 21,000 members have opted for monthly withdrawals upon reaching the age of 55 or 60, reflecting growing awareness of the importance of having a structured monthly income after retirement.
He added that i-Emas allows members to better manage their daily expenses while reducing financial risks such as scams and the rapid depletion of retirement savings, in addition to supporting a more stable flow of income throughout retirement.
Retirement Goal Calculator introduced via i-Akaun
Complementing the new initiatives is the Retirement Goal Calculator, a digital planning tool now available through the KWSP i-Akaun application.
The calculator helps members estimate their future retirement 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.
EPF said the insights provided through the tool are intended to help members plan ahead, make more informed financial decisions, and leverage EPF products and services to better meet their retirement needs.
A broader approach to retirement adequacy
Collectively, the introduction of i-Legasi, i-Emas, and the Retirement Goal Calculator aims to place greater focus not only on helping members accumulate savings, but also on supporting long-term financial sustainability and extending financial security across generations.
“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 Zulqairnain concluded.
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