EPF launches Akaun Fleksibel, enhances member options for financial management 

by AKMAR ANNUAR

THE Employees Provident Fund (EPF) has officially introduced a three-tier account structure for its members, effective from May 11, 2024.

This is a significant overhaul from EPF which aimed at enhancing post-retirement financial security and addressing immediate financial needs.

The revamped structure includes Akaun Persaraan for retirement savings, Akaun Sejahtera for lifecycle-related wellbeing, and the new Akaun Fleksibel, which offers flexibility for urgent financial requirements, allowing withdrawals at any time based on members’ needs.

EPF CEO Ahmad Zulqarnain Onn said the initiative’s goal is to bolster members’ decision-making in balancing immediate, medium, and long-term financial needs, thereby ensuring sufficient retirement income.

“This initiative will also help increase members’ retirement savings so that they will have sufficient income to sustain their needs after retirement,” he said in a statement.

From May 11, members under the age of 55 will see their savings distributed across the three accounts, with ongoing contributions allocated at 75% to Akaun Persaraan, 15% to Akaun Sejahtera, and 10% to Akaun Fleksibel.

Additionally, a unique opportunity allows members to transfer funds from Akaun Sejahtera to Akaun Fleksibel once, from the restructuring date until Aug 31.

Depending on the balance, the transferred amounts vary, with provisions in place to support members with lower savings effectively.

Withdrawals from Akaun Fleksibel can be initiated for any purpose, subject to a minimum of RM50, through the KWSP i-Akaun platform or at any EPF branch.

Upon reaching the age of 55, members’ accounts in Akaun Persaraan, Akaun Sejahtera, and Akaun Fleksibel will consolidate into Akaun 55, while new contributions will go into Akaun Emas.

Ahmad Zulqarnain also highlighted that this strategic move is in response to evolving employment patterns and demographic shifts, aiming to equip EPF members to navigate financially in a dynamic landscape confidently.

Members are encouraged to visit the nearest EPF branch or the official website for more details on this initiative.