Third, flexible EPF account from May 11
Published on: Thursday, April 25, 2024
By: FMT
The EPF says its third flexible account will allow for withdrawals at any time, subject to a minimum withdrawal amount of RM50. (Bernama pic)
PETALING JAYA: The EPF is set to undergo significant restructuring, reorganising its members’ existing two accounts into three to include the addition of the much anticipated flexible account.
From May 11 onwards, EPF CEO Ahmad Zulqarnain Onn said monthly contributions would be split three ways: 75% into Account 1 (Akaun Persaraan), 15% into Account 2 (Akaun Sejahtera), and 10% into Account 3 (Akaun Fleksibel).
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“Savings in Akaun Fleksibel can be withdrawn by members at any time for any purpose, subject to a minimum withdrawal amount of RM50,” it said in a statement.
Zulqarnain said members also have the option of transferring a portion of their Akaun Sejahtera savings to Akaun Fleksibel for immediate access, in an opt-in window that will remain open from May 11 to Aug 31.
“The amount to be distributed is based on the members’ Akaun Sejahtera balance at the time that this opt-in is made,” he said.
Withdrawals from the flexible account can be made through EPF i-Akaun or any branch nationwide.
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Currently, 70% of EPF members’ monthly contributions are channelled into Account 1, which remains inaccessible until retirement.
The remaining 30% is directed to Account 2, accessible for education, healthcare, housing, and a partial withdrawal at age 50.
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