KUALA LUMPUR: The Employees Provident Fund (EPF) has announced a series of policy and product enhancements to strengthen retirement adequacy, expand social protection coverage and enhance the overall member experience.

Among the key initiatives is the increased haj withdrawal limit from RM3,000 to RM10,000 from Akaun Sejahtera to assist members.

“The requirement to verify balances in members’ Tabung Haji savings accounts to determine the eligible withdrawal amount will be removed, thereby simplifying the application process and enabling members to plan their haj more effectively,” EPF said in a statement, Bernama reported.

In addition, EPF is introducing i-Saraan Plus, a voluntary contribution facility specifically for e-hailing and p-hailing drivers, with a higher government matching incentive of up to RM600 annually, subject to a lifetime cap of RM6,000.

At the same time, the eligibility age for i-Suri will be extended from 55 to 60, while the government’s matching incentive will be continued at 50% of annual contributions, subject to a yearly cap of RM300, and a lifetime cap of RM3,000.

EPF also announced that the Retirement Income Adequacy (RIA) Framework will come into effect today with three savings tiers – Basic Savings (RM390,000), Adequate Savings (RM650,000) and Enhanced Savings (RM1.3mil) – as guidance for retirement planning.

In line with the Enhanced Savings level, EPF will enhance its withdrawal policy for savings exceeding RM1mil, allowing members aged below 55 to have flexibility to manage excess funds after meeting retirement needs.

The increase of the excess savings limit that can be withdrawn will be implemented gradually at RM100,000 every year over three years, starting from RM1.1mil in 2026.

Concurrently, the eligibility threshold for the Members Investment Scheme (MIS) will be aligned with the Basic Savings level.

The minimum savings quantum for MIS eligibility will be revised in stages to ensure that excess funds used for investment do not affect members’ basic retirement needs.

To encourage voluntary ­savings, EPF is also introducing i-­Simpan for self-contribution and i-­Topup for voluntary excess contributions (amounts exceeding the statutory rate) to complement existing contribution facilities such as i-Saraan, i-Sayang and i-Suri.

Further details on these initiatives are available in the FAQs on the EPF website at www.kwsp.gov.my.