00:00A reminder before watching the video
00:01There's more content on trending websites.
00:04The Workers' Fund Board has introduced new measures.
00:07The Industrial and Commercial Fund Council issued a statement today.
00:09Several new retirement protection measures announced
00:12The most attention-grabbing of these is on the long-discussed deposit transfer mechanism.
00:17The authorities have officially launched a new program called iLegacy.
00:21In short, eligible members
00:24In the future, a portion of the EPF deposits can be used.
00:27Direct transfer to spouse or children
00:30This measure, besides helping members with retirement planning...
00:33More arrangements
00:35This wealth can also be passed down safely.
00:39Further enhance the family's sense of financial security
00:42However, this plan still has strict eligibility requirements.
00:45I don't intend to transfer my work fund to my family.
00:47Transfer as much as you want
00:49Firstly, members must be 55 or 60 years of age or older.
00:54So the most crucial thing is...?
00:55Members cannot transfer all the money in their account.
00:59Only when the deposit exceeds RM650,000
01:02What comes after the level of basic retirement savings?
01:04Only then can the excess amount be transferred to one or more family members.
01:09This funding will come from the member's 55-year-old account.
01:12Or deducted from the gold account of those aged 60 and above.
01:16The member's own deposit balance
01:18Must be maintained at RM650,000 or above
01:21To ensure I have enough savings to live comfortably in my old age
01:25As for who is eligible to be a beneficiary?
01:28The Foundation stipulates that only immediate family members are eligible.
01:32Only the spouse and children can benefit.
01:34Furthermore, their age must be below the national minimum retirement age.
01:39That is, under 60 years old
01:41Furthermore, the beneficiary must also be a Malaysian citizen.
01:43Or a public fund member who is a permanent resident
01:46The good news is that the beneficiary can receive a certain amount of deposit.
01:50There is no upper limit.
01:51However, to ensure that this money is truly intended for retirement...
01:55The transferred funds will be directly deposited into the beneficiary's retirement account.
01:59What if the beneficiary is between 55 and 59 years old?
02:02This is deposited into the gold account.
02:04This will ensure they can continue to have a secure retirement life.
02:08In addition to Alex Z, the public fund also adjusted the existing 55-year-old and 60-year-old age groups.
02:13Monthly withdrawal mechanism
02:14Renamed I-A-MAS
02:16At the same time, a retirement target computer was also launched.
02:19To help everyone plan their retirement life more systematically
02:23So why are there these new plans?
02:27Public Fund Authority CEO Amozukoan explained
02:30As people live longer these days
02:33People shouldn't just look at how much money they've saved.
02:35Instead, the focus should be on whether retirement income is sufficient.
02:39Can it last?
02:40The authorities hope that through these new measures
02:43Helping members make better financial plans
02:45While ensuring one's lifelong needs
02:49It can also provide the most practical financial support for your beloved family.
02:53See you next time!
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