The Employees Provident Fund (EPF) is set to restructure the accounts for members who are aged below 55 years old, from the existing Akaun 1 and 2, to three accounts in total once Akaun 3 is officially introduced. Revealed by sources that are close to the matter, this change is expected to take effect starting from 11 May 2024.

The EPF accounts will also be renamed as part of the revamp, with Akaun 1 soon to be known as Akaun Persaraan (Retirement Account). Meanwhile, Akaun 2 will be referred to as Akaun Sejahtera (Sejahtera Account), and Akaun 3 – which is expected to be rolled out by the end of April – will be known as Akaun Fleksibel (Flexible Account).

Upon the introduction of these restructured accounts, affected members will be allowed to transfer some funds from their Akaun Sejahtera to Akaun Fleksibel via an opt-in mechanism, to kickstart the new account.

“Members are given until 31 August 2024 to opt in for the initial amount in the Flexible account, which they call the accumulation phase,” said the source, who further explained that if a member chooses not to opt in for an initial amount in Akaun Fleksibel, then their Akaun Fleksibel will start with zero balance until new contributions are credited.

Moreover, the individual shared that the minimum withdrawal amount for Akaun Fleksibel will be set at RM50. They also reiterated that members’ monthly contributions will soon be split and channelled to the three accounts based on a 75:15:10 ratio, with 75% going into Akaun 1, 15% into Akaun 2, and 10% into Akaun 3. EPF dividends, meanwhile, are likely to remain the same.

Back in October 2023, the EPF had already said that it is considering the reorganisation of members’ accounts as one of its various efforts to help Malaysians save more efficiently for their retirement. This is in a bid to better prepare Malaysia for an aging society, since the country is expected to become an aged nation by 2044. At that time, the provident fund also noted that around 40% of Malaysia’s labour force is not covered by formal retirement schemes, and stressed that steps need to be taken to improve this situation.   

(Source: The Star)

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• Akaun 1
• Akaun 2
• Employees Provident Fund
• Employees Provident Fund (EPF)
• EPF Akaun 1
• EPF Akaun 2
• EPF Akaun 3
• EPF Akaun Fleksibel
• EPF Akaun Persaraan
• EPF Akaun Sejahtera
• EPF Flexible Account
• EPF Retirement Account
• EPF Sejahtera Account
• Retirement