KUALA LUMPUR: The Employee Provident Fund (EPF) today announced the EPF Account Restructuring Initiative, which will take effect on May 11, with the i...
: The Employee Provident Fund today announced the EPF Account Restructuring Initiative, which will take effect on May 11, with the introduction of a Flexible Account for short-term financial needs.
Under the account restructuring initiative, all accounts of members under the age of 55 will be restructured from the previous two accounts, namely Account 1 and Account 2, to three accounts. All contributions after May 11, 2024, will be allocated into the three new accounts according to the following manners; 75 per cent into the Retirement Account, 15 per cent into the Wellbeing Account and 10 per cent into the Flexible Account.
If the member chooses to opt-in for an initial amount, the transfer of the initial amount to Akaun Fleksibel and other accounts is based on the balance in the member’s Akaun Sejahtera on the date the opt-in application is made. Members can only choose to opt-in for the transfer of the initial amount to Akaun Fleksibel one time starting from the effective date until Aug 31, 2024, after which the opt-in cannot be cancelled. Members who wish to take advantage of this opt-in can submit their application through the KWSP i-Akaun application or the Self-Service Terminals at any EPF branch nationwide.
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