Wan Saiful Wan Jan (PN-Tasek Gelugor) said the third EPF account would not be of much help as the amount of funds that account will have would be too little.

“In preparing for an ageing society, a targeted EPF withdrawal scheme for those who are desperate is better and more logical than introducing a flexible or third account. They need the money today. How would creating a flexible account in 2024 help them today?” he said in the Dewan Rakyat during the budget debate.

The 2024 budget, tabled on Friday, includes a proposal for a new “flexible account” which EPF members would be able to access at any time.

Perikatan Nasional has been pressing for another round of EPF withdrawals, and made it one of the coalition’s pledges under its manifesto for the general election last year.

Three EPF withdrawal schemes were introduced by the government of Muhyiddin Yassin, who is PN chairman, during the Covid-19 pandemic. A fourth round was allowed after Ismail Sabri Yaakob took over as prime minister.

A total of RM145 billion was reportedly withdrawn during the pandemic by 8.1 million EPF members.