PETALING JAYA: EPF members have been reminded to use their i-Akaun app to handle issues revolving around their Akaun Fleksibel, popularly known as Account 3, instead of lining up at their branches.
The exception is for withdrawals of more than RM30,000 or those who have changed their banking details, EPF said.
However, a quick check by The Star at some EPF branches in the Klang Valley yesterday showed that there were still many people lining up to get their questions answered.
Siti Normah Awaluddin, 42, said that she had requested to withdraw from her Akaun Fleksibel on May 18 but received an email saying that her request had been approved.
“I need further clarification on my withdrawals and I couldn’t get through the EPF helpline.
“So I decided to go to the Petaling Jaya branch at PJX-HM Shah Tower,” she said when met yesterday.
The senior manager of a private company added that she had to wait for more than 15 minutes before an officer assisted her.
Akaun Fleksibel is a new account that provides flexibility for short-term financial needs, where savings in this account can be withdrawn at any time according to members’ needs.
Members who wish to take advantage of this opt-in feature can submit their application through the KWSP i-Akaun application or the self-service terminals at any EPF branches nationwide.
EPF said that starting May 11, all EPF members under the age of 55 would have their accounts restructured into three accounts, namely Akaun Persaraan, Akaun Sejahtera and Akaun Fleksibel.
Between May 11 and Aug 31, 2024, members aged 55 and below will have a one-time option to transfer part of their savings in their Akaun Sejahtera (previously Account 2) as an initial amount to Akaun Fleksibel.
Mohd Iqbal Abdullah, 33, said he wanted to opt for Akaun Fleksibel to allow him to withdraw and put the funds in his savings, as well as for contingency in case of emergency.
“I also have plans to invest some of it. As I have more than 20 years to retirement, I believe I can recoup the amount with my future EPF contributions,” he said.
The public relations executive added that it is good for EPF to allow the option for contributors to transfer funds from their Akaun Fleksibel back to Akaun Persaraan (Account 1) and Akaun Sejahtera (Account 2).
“That option should be available and be made a permanent fixture because people’s needs will change over time and they may want to channel their (Account 3) balance back to their retirement savings,” he said.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said giving contributors such an option could ensure that members would have a chance to redirect the funds to Akaun Persaraan from Akaun Fleksibel, which is meant for retirement purposes.
“In a sense, the EPF is granting slight autonomy for members to manage their money.
“In the end, it boils down to financial literacy and discipline,” he explained.
Centre for Market Education chief executive officer Dr Carmelo Ferlito said that he would have preferred an option where contributors could decide to opt out from Akaun Fleksibel.
“But this is better than nothing for those who do not want to have the temptation to deplete their EPF with Akaun Fleksibel,” he said. - Star
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