The Employees Provident Fund (EPF), also known as KWSP, has unveiled three major new initiatives aimed at helping Malaysians better prepare for retirement and even pass down their savings to loved ones.
Three major retirement upgrades
The newly launched i-Legasi, i-Emas, and Retirement Goal Calculator are part of EPF’s latest push to strengthen long-term financial security as Malaysians live longer and face rising living costs.
What is i-Legasi
One of the biggest highlights is i-Legasi, a new feature that allows eligible EPF members aged 55 and above to transfer part of their retirement savings to their spouse or children’s EPF accounts.
According to EPF’s latest Retirement Income Adequacy (RIA) Framework, the current savings targets are:
- Basic Savings: RM390,000
- Adequate Savings: RM650,000
- Enhanced Savings: RM1.3 million
Who can use i-Legasi
Eligible transferors:
- EPF members aged 55 or 60 and above
- Must have savings exceeding the Adequate Savings level (only the excess can be transferred)
- Can transfer to multiple family members if balance requirements are met
Eligible recipients:
- Only spouse and children
- Must be below 60 years old
- Must be Malaysian citizens or permanent residents with EPF accounts
What is i-Emas
EPF has also officially rebranded its withdrawal package by replacing it with i-Emas.
Instead of withdrawing all their savings in one lump sum at age 55 or 60, members can choose to receive automatic monthly payouts while the remaining balance continues earning EPF annual dividends.
According to EPF CEO Ahmad Zulqarnain Onn, over 21,000 members have already opted for structured monthly withdrawals, showing growing awareness about sustainable retirement income planning.
i-Emas is designed to help retirees:
- Avoid rapidly depleting their savings
- Reduce risks linked to scams or overspending
- Maintain a more stable monthly income during retirement
Retirement Goal Calculator
Another feature gaining attention is EPF’s new Retirement Goal Calculator, now available through the KWSP i-Akaun app.
The tool helps members estimate:
- How much they may need for retirement
- Their projected future expenses
- Potential savings gaps
- Whether they’re financially prepared for retirement
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