The Employees Provident Fund has introduced three new initiatives aimed at helping Malaysians better manage their retirement savings as life expectancy continues to rise. The newly launched initiatives, namely i-Legasi, i-Emas, and the Retirement Goal Calculator, are part of a broader effort by EPF to strengthen retirement security, improve financial resilience, and encourage more sustainable retirement planning across generations.
According to EPF chief executive officer Ahmad Zulqarnain Onn, the new initiatives reflect EPF’s evolving role beyond simply helping members accumulate retirement savings.
“As life expectancy rises, retirement planning must go beyond savings accumulation to focus on adequacy and sustainability.
“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,” he said in a statement on Monday.
i-Legasi Allows Members To Transfer Savings To Family Members
One of the biggest announcements is the introduction of i-Legasi, a new facility that allows EPF members aged 55 and above to transfer part of their retirement savings to the EPF accounts of their immediate family members, specifically spouses and children.
However, the facility is only available to contributors whose savings exceed the Adequate Savings threshold under EPF’s Retirement Income Adequacy (RIA) Framework.
EPF explained that the transferred amount will come from savings already eligible for withdrawal and will be channelled directly into the recipient’s retirement savings account to ensure the money remains preserved for long-term retirement purposes.
Members aged 55 or 60 and above who have savings above the required threshold may transfer funds to more than one family member, provided their remaining balance still stays above the Adequate Savings level.
Recipients must also be Malaysian citizens or permanent residents below the national minimum retirement age of 60 and must already be EPF members.
EPF Rebrands Monthly Withdrawal Option As i-Emas
At the same time, EPF has also rebranded its existing monthly withdrawal facility under the Age 55/60 Withdrawal as i-Emas.
Instead of withdrawing their retirement savings in full upon reaching retirement age, members can choose to receive automated monthly payments while allowing the remaining balance to continue earning annual EPF dividends.
According to Ahmad Zulqarnain, more than 21,000 members have already opted for monthly withdrawals after reaching the age of 55 or 60, showing growing awareness among Malaysians about the importance of structured retirement income.
“Rather than withdrawing their savings in full upon reaching age 55/60, members can opt for automated monthly payments via i-Emas, allowing their remaining balance to continue earning annual dividends,” he shared.
He added that i-Emas could help retirees better manage daily expenses while reducing risks such as scams, overspending, and rapid depletion of retirement savings.
“i-Emas provides the flexibility to manage daily needs while protecting members against financial risks such as scams and rapid fund depletion, and ensuring a stable flow of income throughout retirement.”
New Retirement Goal Calculator Introduced Through KWSP i-Akaun
EPF also launched a new Retirement Goal Calculator through the KWSP i-Akaun application to help members better estimate their retirement needs.
The digital tool allows contributors to calculate future savings requirements based on their preferred lifestyle, expected expenses, and retirement age.
Through personalised projections, members can assess their current financial position, identify possible savings gaps, and better understand their retirement preparedness.
The introduction of the calculator comes as Malaysians are expected to spend longer years in retirement due to rising life expectancy.
With the national minimum retirement age currently set at 60, many Malaysians could potentially spend 15 to 20 years or more in retirement, making long-term financial planning increasingly important.
As Malaysians live longer and retirement years continue to expand, financial planning is no longer just about saving enough money, but also about ensuring those savings can last sustainably over time.
Through initiatives like i-Legasi, i-Emas, and the new Retirement Goal Calculator, the Employees Provident Fund is shifting towards a more holistic retirement approach that focuses not only on income security, but also long-term financial resilience across generations.
Sources: 1| 2| 3
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