KUALA LUMPUR – The Employees Provident Fund’s (EPF) Account 3 or “Akaun Fleksibel” is launched today, but those eager to get online to check how much they can withdraw have to hold their horses a little more.
System maintenance is being carried out affecting almost all services for contributors, EPF has said in a statement dated Monday.
The maintenance work began yesterday at noon and continues today with no specific time frame given, although EPF has said previously members will be able to fully access the system from tomorrow.
System maintenance is also ongoing for employers’ EPF i-Akaun as well as for business partners.
The timing is ironically just as the retirement fund launches the much-awaited flexible account, which the government announced months ago.
It is aimed at helping those who need emergency funds, and involves a restructuring to the distribution of contributions to the fund to ensure there are still sufficient funds in Akaun Persaraan (Account 1) and Akaun Sejahtera (Account 2).
EPF has said the restructuring for account holders aged below 55 will see their balances in Account 1 and Account 2 unchanged, while Account 3, the flexible account, will begin with a zero balance.
New contributions received after the launch date today will be distributed as follows: 75% to Akaun Persaraan, 15% to Akaun Sejahtera and 10% to Akaun Fleksibel.
Under the restructuring, Account 1 is designated to accumulate savings intended to serve as income during retirement.
Account 2 is for withdrawals before age 55 for specific uses such as financing education, insurance or home ownership, while Account 3 is for short-term, emergency financial needs. Savings in this account can be withdrawn at any time according to members’ needs.
When a contributor reaches age 55, all three accounts will be merged into Akaun 55.
If those aged 55 and above are still working, their contributions will be placed in Akaun Emas, which upon reaching 60, will be combined with Akaun 55.
Applications for withdrawal from the flexible account can be made through i-Akaun or at any EPF branch nationwide. Members can access the system fully tomorrow.
For further details regarding the EPF account restructuring initiative, members can either visit any EPF branch nationwide, refer to the official EPF website or access i-Akaun. – May 11, 2024
