When To Transfer EPF Savings To Akaun Fleksibel? EPF Advises M'sians Not To Rush Into It
EPF members have the option to transfer their Akaun Sejahtera (Account 2) balance to the new Akaun Fleksibel (Account 3), up until 31 August.
Published for EPF, 04 Jun 2024, 10:47 AM
Since the Employees Provident Fund (EPF) launched Akaun Fleksibel, a.k.a. Account 3, many have already made use of it, withdrawing funds for urgent needs
A number of Malaysians have lauded EPF for this move, with some even describing Akaun Fleksibel as a "lifesaver" and "critical support during a period of rising living costs".
This is precisely what EPF's recent restructuring intends for its members — to empower them to balance future retirement needs with current life cycle needs. In simple terms, EPF now allows you to make decisions based on short-, medium-, and long-term financial needs.
All EPF members are automatically opted in to this new structure. There is no option to opt out.
As a refresher, here's what your EPF savings will look like after the restructuring:
Akaun Persaraan (Account 1)
- Holds savings for retirement
- 75% of salary contribution
- Cannot be transferred to other accounts
Akaun Sejahtera (Account 2)
- Focuses on life cycle needs
- 15% of salary contribution
- Can be transferred to Akaun Persaraan (one-time option only)
Akaun Fleksibel (Account 3)
- Allows withdrawal for short-term needs
- 10% of salary contribution
- Starts at zero, unless members preload from Akaun Sejahtera
- Can be transferred to Akaun Persaraan and Akaun Sejahtera (feature will be available soon)
The new Akaun Fleksibel is designed to allow members to have a pool of funds to dip into for short-term needs. This allows EPF members to make informed decisions and access funds during emergencies. The minimum withdrawal amount per transaction is RM50.
However, some Malaysians are still unsure whether they should transfer (preload) part of their Akaun Sejahtera balance into Akaun Fleksibel
Between 11 May and 31 August 2024, members have a one-time option to preload their Akaun Fleksibel with funds from Akaun Sejahtera. This is optional, and the amount you can preload depends on how much you have in your Akaun Sejahtera.
Scenario A:
If your Akaun Sejahtera has below RM1,000, you can transfer all of that.
Scenario B:
If your Akaun Sejahtera has between RM1,000 to RM2,999, up to RM1,000 can go to Akaun Fleksibel, the rest stays in Akaun Sejahtera.
Scenario C:
If your Akaun Sejahtera has RM3,000 and above, the amount is divided as follows: 5/30 is transferred into Akaun Persaraan, 15/30 remains in Akaun Sejahtera, and 10/30 is transferred into Akaun Fleksibel.
Take a look at Adam, Bazli, and Adli, who have different EPF savings, but all want to preload from Akaun Sejahtera to Akaun Fleksibel
Adam has RM500 in Akaun Sejahtera, so he fits into Scenario A. He will have RM500 in his Akaun Fleksibel upon completing his one-time preloading.
Bazli has RM1,500 in Akaun Sejahtera, so he fits into Scenario B. He will have RM1,000 in his Akaun Fleksibel upon completing his one-time preloading, as well as RM500 in Akaun Sejahtera.
Adli has RM6,000 in Akaun Sejahtera, so he fits into Scenario C. After preloading, he will have an additional RM1,000 in Akaun Persaraan, be left with RM3,000 in Akaun Sejahtera, and have RM2,000 in Akaun Fleksibel, based on the 5/30, 15/30, and 10/30 ratio.
Members do not need to be in a rush to preload from Akaun Sejahtera to Akaun Fleksibel, especially if they are not in urgent need of cash
Instead, waiting until closer to the 31 August deadline will allow EPF members to have a few more months of added salary in their Akaun Sejahtera — those who opt in later stand to have a higher starting balance in their Akaun Fleksibel than those who do so earlier.
Remember, the preloading is a one-time option. The higher the amount in your Akaun Sejahtera when you preload, the more savings you can bring over to Akaun Fleksibel.
Find out more about EPF's Akaun Fleksibel and the one-time preloading
Plus, here's an all-you-need-to-know guide on how to preload from Akaun Sejahtera to Akaun Fleksibel.
