KUALA LUMPUR, April 25 ― The Employees Provident Fund’s (EPF) much-talked-about Account 3, known as Akaun Fleksibel, is optional for its 16.07 million members, said EPF...
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The EPF said starting May 11, 2024, all EPF members under the age of 55 will have their accounts restructured into three accounts, namely Akaun Persaraan, Akaun Sejahtera and Akaun Fleksibel.Balances in Account 1 and Account 2 will remain in Akaun Persaraan and Akaun Sejahtera, respectively, while Akaun Fleksibel will start with a zero balance.
Previously, EPF members’ savings would be credited into Account 1 and Account 2, where 70 per cent of their contributions would go into Account 1, and 30 per cent into Account 2. He said if every EPF member decides to opt in, the total fund that would be moved to Account Fleksibel will amount to RM57 billion, of which about RM25 billion is expected to be withdrawn in the first year.The setting up of the new account will not have an impact on the provident fund’s portfolio, he said.“The current scenario is much different from during the pandemic and our portfolio is now much bigger.
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