PETALING JAYA: Parents have reservations about transferring their Employees Provident Fund (EPF) savings to their children’s accounts. The intergenerational wealth transfer scheme, announced under Budget 2025, allows EPF members to transfer part of their retirement savings to the EPF accounts of close family members. ALSO READ: Wealth transfer plan a risky moveBut many are worried about doing so as they fear what the future may hold for their old age. “If my parents have the knowledge to transfer money to us, then it’s quite convenient. “I do not think it is wise to transfer EPF savings to the children’s accounts, as children cannot be trusted.

Source: The Star October 22, 2024 15:34 UTC