Savings in the new EPF Akaun Fleksibel (Account 3) can be withdrawn at any time. Learn more about EPF’s upcoming 3-account structure right here.
has officially announced the restructuring of members’ accounts. Set to take place next month, the restructuring will involve the implementation of Account 3.As part of the implementation which is scheduled to take place on 11 May 2024 and applies to all EPF members under the age of 55, EPF will also give new names to members’ accounts.
That being said, the original announcement and the FAQ section on EPF’s website somehow did not talk about dividends.Interestingly enough, the implementation of Account 3 also provides the opportunity for EPF members to withdraw some of their funds. This is because EPF is allowing a one-time transfer from Account 2 to Account 3 from 11 May to 31 August 2024.
If Account 2 balance is RM3,000 and above, 1/3 of the balance will be transferred to Account 3 and another 1/6 of the balance will go to Account 1. If the Account 2 balance is less than RM3,000, things are slightly different:Account 2 balance of more than RM1,000 but still below RM3,000: RM1,000 will be transferred to Account 3 while the rest will remain in Account 2.
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