The Employees Provident Fund (EPF) said that it has received as many as 2.86 million applications to transfer an initial amount from Akaun Sejahtera to Akaun Fleksibel as of 22 May 2024. This involves a total of RM8.78 billion being moved between the accounts.

Additionally, the EPF revealed that it has approved another 3.04 million withdrawal applications from Akaun Fleksibel since the option was made available to members. This itself came up to a total of RM5.52 billion.

“The EPF is expecting the number of applications from members choosing to transfer an initial amount from their Akaun Sejahtera to Akaun Fleksibel to continue to rise until the deadline on 31 August 2024,” the chief operating officer of the EPF, Sazaliza Zainuddin commented.

To note, the EPF had already previously estimated that it will see a total of RM57 billion being moved if every member were to opt for the initial amount transfer from Akaun Sejahtera to Akaun Fleksibel. Additionally, the pension fund anticipated an outflow of RM25 billion from Akaun Fleksibel within the first year, before moderating to between RM4 and RM5 billion per year thereafter.

“As the closing date for the option to transfer part of their savings in Akaun Sejahtera to Akaun Fleksibel is on 31 August 2024, members are advised not to rush into making the transfer. Members who have yet to register with the KWSP i-Akaun are encouraged to do so to enable withdrawal transactions from Akaun Fleksibel,” the EPF further shared, adding that they can register or update their contact details via the self-service terminals (SSTs) at EPF branches to facilitate the identity verification process during their transactions.

For context, the EPF had decided to restructure the accounts of its members who are aged 55 and below early this month, on 11 May 2024; this saw their existing Akaun 1 and 2 subsequently reorganised into three accounts (Akaun Persaraan, Akaun Sejahtera, and Akaun Fleksibel). Funds in Akaun Fleksibel, specifically, can be withdrawn at any time for any purposes, and is meant to help members with their immediate financial needs.

As part of this restructuring exercise, members were also allowed to apply for an initial amount transfer from their Akaun Sejahtera to Akaun Fleksibel. Depending on the balance of their Akaun Sejahtera during the time of their application, they could transfer up to one-third of their savings to their Akaun Fleksibel.

(Source: EPF)

• TAGS:
• Akaun Fleksibel Initial Amount Transfer
• Employees Provident Fund
• Employees Provident Fund (EPF)
• EPF Account Restructuring Exercise
• EPF Akaun Fleksibel
• EPF Akaun Persaraan
• EPF Akaun Sejahtera
• Sazaliza Zainuddin