New account a valuable tool


BEGINNING from May 11 until Aug 31, 2024, members of the Employees’ Provident Fund (EPF) under the age of 55 will have the chance to transfer money from their old accounts into the new Akaun Fleksibel – better known as Account 3 – from which they can access the funds.

Analysts suggest that if every EPF member decides to make a one-time transfer into Account 3, approximately RM57bil could be shifted to the new flexible account. However, it’s anticipated that only around RM25bil may be withdrawn from Account 3 during the initial year, drawing parallels with withdrawal trends observed during the Covid-19 pandemic-related schemes early withdrawal schemes.

Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

EPF , savings , Account 3 , retirement

   

Next In Letters

Greater transparency needed in job placement for junior docs, says MMA
Do cleaning contractors have a choice?
Educate the public on electrical hazard
Natural gas vehicles are hazardous
User-pay solution for infrastructure
The disproportion between punishment and victim impact
Rejecting ‘Robin Hood’ label makes sense
Stop ‘prank’ content on social media
Glasgow Games needs help
Is the CLP exam relevant?

Others Also Read