EPF Confirms Account 3 To Launch 11 May
EPF members are given between 11 May and 31 August to decide if they want to transfer some funds from Account 2 into Account 3 as an initial fund.
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The Employees Provident Fund (EPF) said Account 3 is set to launch on 11 May.
Members are given the one-time opt-in option to transfer funds from their Account 2 to the newly launched “Akaun Fleksibel” aka Account 3 as an initial amount.
EPF members are given between 11 May and 31 August to decide if they want to opt-in.
In this new arrangement, all EPF members under 55 will now have three accounts: Akaun Persaraan (Retirement Account/Account 1), Akaun Sejahtera (Account 2), and Akaun Fleksibel (Account 3).
The contributions will be split three ways: 75% for Account 1, 15% for Account 2, and 10% for Account 3.
The savings in Account 1 and Account 2 would remain. However, Account 3 will start with a zero balance if a member chooses not to opt in for an initial amount. After 31 August, the opt-in selection cannot be cancelled.
If a member chooses to opt in, the funds will be moved to Account 3 within 24 hours. They would need to key in their bank details and phone number to cash out.
The application for withdrawal from Account 3 can be made through KWSP i-Akaun or at any EPF branch nationwide.
Those who wish to take advantage of this opt-in could submit their application through the KWSP i-Akaun application or the Self-Service Terminals at any EPF branch nationwide.
READ MORE: EPF’s Account 3 Could Be Landing Soon – Proposed Details Making Rounds
READ MORE: EPF’s Proposed Account 3 Allows People To Withdraw Funds Whenever They Like
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