The Employees Provident Fund (EPF, or KWSP) has introduced three new initiatives: i-Legasi, i-Emas and the Retirement Goal Calculator. According to the organisation, these come as part of its efforts to improve retirement security and financial resilience among Malaysians.
EPF chief executive officer Ahmad Zulqarnain Onn said the initiatives are meant to encourage members to not only save for retirement, but also manage their retirement income more sustainably. “As life expectancy rises, retirement planning must go beyond savings accumulation to focus on adequacy and sustainability,” he added in a statement.
i-Legasi
The newly introduced i-Legasi facility allows members aged 55 and above to transfer part of their savings to immediate family members. These specifically include spouses as well as children, once they become eligible for full withdrawal. EPF first announced plans for i-Legasi earlier this year, describing it as an “intergenerational” savings initiative.
However, the transfer is subject to EPF’s Retirement Income Adequacy (RIA) Framework. The organisation notes that only savings above the “Adequate Savings” threshold can be transferred, while the remaining balance must still stay above the required amount after the transfer is made.
Transferred funds will also remain within the EPF ecosystem, as the money will be deposited directly into the recipient’s retirement savings account instead of being withdrawn as cash. Recipients must be Malaysian citizens or permanent residents below the age of 60, and must already be EPF members.
i-Emas
Meanwhile, i-Emas is actually a rebranding of EPF’s existing monthly payment withdrawal option under the Age 55/60 Withdrawal scheme. Rather than withdrawing retirement savings in one lump sum, members can choose to receive automated monthly payments while the remaining balance continues earning annual EPF dividends.
According to Ahmad Zulqarnain, more than 21,000 members have already opted for monthly withdrawals after reaching retirement age, indicating growing awareness around structured retirement income. He added that i-Emas could also help reduce risks such as scams and rapid depletion of retirement funds, while providing members with a more stable income flow during retirement.
Retirement Goal Calculator
EPF has also launched a new Retirement Goal Calculator within the KWSP i-Akaun app. The tool is designed to help members estimate how much they may need for retirement based on their lifestyle expectations and projected future expenses.
The calculator can also help members identify potential savings gaps and evaluate whether they are on track to meet their retirement goals. For those who’ve not downloaded it yet, the KWSP i-Akaun app for mobile phones can be downloaded from the Apple App Store, Google Play, and Huawei App Gallery.
(Source: EPF [official website])
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