EPF Account 3 to go live on May 11

PETALING JAYA: The Employees Provident Fund (EPF) has launched Account 3 with members given a one-time opt-in option to transfer funds from their Account 2 to the newly launched "Akaun Fleksibel".

EPF members would have between May 11 and Aug 31 to decide.

All EPF members under 55 would now have three accounts from that date: the Akaun Persaraan (Retirement Account), Akaun Sejahtera and Akaun Fleksibel.

Following the restructuring of the accounts, contributions would be split three ways with 75% going into Account 1, 15% into Account 2 and 10% into Account 3.

While the savings in Account 1 and Account 2 would remain, Account 3 would start with a zero balance if a member chooses not to opt in for an initial amount.

"Between May 11 and Aug 31, members will have a one-time option to transfer part of the savings balance in their Akaun Sejahtera (previously Account 2) as an initial amount to Akaun Fleksibel," the retirement fund said on Thursday (April 25).

Members could only choose to opt for the transfer of the initial amount to Akaun Fleksibel one time starting from the effective date until Aug 31, after which the opt-in cannot be cancelled.

If a member chooses to opt in, the funds will be transferred into their Account 3 within 24 hours. They would then have to key in their bank details and phone number in order to cash out.

"If the member does not choose to opt in for an initial amount, no transfer will be made and the existing balance will remain in Akaun Sejahtera.

"Akaun Fleksibel would start with new contributions that would be credited into the member’s account after the implementation date," it added.

However, if a member chooses not to opt in for an initial amount, no funds would be transferred from their existing balance in their Akaun Sejahtera.

In this case, the Akaun Flexible would start with the new contributions that would be credited into the member’s account after the implementation date.

"If the member chooses to opt-in for an initial amount,the transfer of the initial amount to Akaun Fleksibel and other accounts (if applicable) is based on the balance in the member’s Akaun Sejahtera on the date the opt-in application is made," it said.

"Application for withdrawal from Akaun Fleksibel can be made through KWSP i-Akaun or at any EPF branches nationwide," it said.

"Members could fully access the system on May 12," it added.

Members who wished to take advantage of this opt-in could submit their application through the KWSP i-Akaun application or the Self-Service Terminals at any EPF branches nationwide.

For those with more than RM3,000 in their Akaun Sejahtera (Account 2), a third of their balance savings would be transferred to the Akaun Fleksibel while one-sixth would be transferred to Akaun Persaraan (Account 1).

The remaining balance would be retained in the Akaun Sejahtera.

For those with a balance of RM1,000 and below, the full amount would be transferred to Akaun Fleksibel. For those with a balance of more than RM1,000 and less than RM3,000, the amount transferred to Akaun Fleksibel would be RM1,000, with the remainder retained in Akaun Sejahtera.

"No distribution will be made to Akaun Persaraan for a savings balance below RM3,000," it said.





https://www.thestar.com.my/news/nation/2024...-live-on-may-11



This post has been edited by xpole: Apr 25 2024, 01:19 PM

"No distribution will be made to Akaun Persaraan for a savings balance below RM3,000," it said.

kek kesian biforti

so the tered before this false alarm ya?

why the f there is no guide on totally opt out from acc 3??

opt out utk apa? EPF try to make ur life easier. before this ppl want to WD money from acc 2 need to follow leceh procedure. now they give u liberty to withdraw anytime u sukak, good mah

This post has been edited by kcal: Apr 25 2024, 12:25 PM

Cannot. Account 1,2,3 will be default.

macam no opt out for Acct3, then they better make sure the dividend is the same as Acct 1 & 2, then i no complain.

Will this account 3 received the same dividen distribution as acc 1 and 2? If lower then better put back into Acc 1 or 2.

Whether opt in initial amount or not, new contribution will always be split to acc 3?

This post has been edited by pandah: Apr 25 2024, 12:27 PM

Nice can withdraw 1/3 of ACC 2.

Yes correct

divi will be less for act3

Akaun Boleh Keluar Bila-Bila KWSP Mula Bulan Depan

25.04.2024 - Penstrukturan semula akaun Kumpulan Wang Simpanan Pekerja (KWSP), yang antaranya memperkenalkan akaun fleksibel bagi membolehkan wang dikeluarkan pada bila-bila masa, akan bermula pada 11 Mei depan. Menurut struktur baru, akaun 1 akan dikenali sebagai akan persaraan, akaun 2 dikenali sebagai akaun sejahtera dan akaun baru akan dikenali sebagai akaun fleksibel. Menurut KWSP, akaun sejahtera bertujuan "menangani keperluan kitaran hatatr yang menymbang kepada sekejahreraan semasa persaraan" manakala akaun fleksibel pula untuk keperluan jangka pendek. Caruman pula akan dipecahkan seperti berikut:

Akaun persaraan 75%
Akaun sejahtera 15%
Akaun fleksibel 10%

Dalam sistem sekarang, sebanyak 70 peratus caruman akan dimasukkan kepada akaun 1 dan 30 peratus lagi dalam akaun 2. Akaun sejahtera akan bermula dengan sifar tetapi pencarum diberi pilihan untuk memindahkan wang daripada akaun sejahtera sekali saja antara 11 Mei (hari pertama penstrukturan) hingga 31 Ogos. Pecahan wang yang dipindahkan berbeza mengikut keadaan, seperti di bawah;

Baki RM3,000 dan ke atas
10/30 baki dipindahkan ke akaun fleksibel
5/30 baki dipindahkan ke akaun persaraan
15/30 kekal dalam akaun sejahtera.

Baki RM1,000 dan ke bawah
Semua amaun dipindahkan ke akaun fleksibel.

Baki lebih RM1,000 tetapi tidak lebih RM3,000
RM1,000 dipindahkan ke akaun fleksibel
Selebihnya kekal dalam akaun sejahtera

Kalau takut, keluarkan duit from acc 3 cepat2 self contribute dalam kwsp balik. Pusing2 sampai acc 3 RM0

This post has been edited by doremon: Apr 25 2024, 12:32 PM

How to withdraw? Need go EPF or they distribute special ATM card

At the end of the day, after reading through everything, I think this is a fair implementation.

1. There is no change to the dividend for Account 3.
2. Opt-in mechanism for existing EPF balances. Those who don’t need the money in Account 3, do not need to opt-in.
3. Apportionment into EPF is from May 2024 onwards is revised from 70:30 to 75:15:10. With this change, there is more money locked-in (75% vs 70% before), but greater flexibility to do withdrawals at any point in time should the need arise.
4. For long-term holders, no underlying change at all. Only difference is, we can now withdraw 10% of our future contributions at any time without penalty.
5. The fact that we can withdraw 10% of future contributions at any time might pose an issue to some people with impulse control issues. This is my only gripe with this change.
6. This might enable EPF to offer slightly more “optimized” returns, at least for Conventional fund as there will be less “lazy capital”.
7. For Shariah fund, not sure how EPF will deal with this issue as the B40 and M40 most prone to withdrawal are likely to come from here. As the Shariah fund is smaller, it might be adversely impacted by liquidity constraints. Hopefully, liquidity will not be generated at the expense of Conventional fund.

Use your logic, what will cause them to declare less dividend?

The Account 3 cannot be gamed. We can’t just pump in money for short term, and then withdraw. Cause, the apportionment is fixed at 75:15:10.

Given that, I find it hard to understand why people expect lower dividend for Account 3.

If anything, if EPF loses 5% of annual dividend declared each year (half of the 10% from Account 3), it would be a lower base and hence higher dividend the following year for those who did not withdraw. This is as long as the withdrawals do not cause liquidity issues, which I don’t think they will given EPF’s asset allocation to cash/money market which is sufficient to absorb this.

Also don't forget, Account 1 allocation has increased from 70% to 75%. This money remains locked till retirement.

Bodo hamkaling cannot opt out of this acc3 shit.

Imma withdraw and recontribute back as voluntary contribution and claim tax o0o

Application for withdrawal from Akaun Fleksibel can be made through KWSP i-Akaun or at any EPF branches nationwide," it said.

"Members could fully access the system on May 12," it added.

How to completely opt out for account 3 from May 2024 distribution onwards?

Is there an opt out option?

This post has been edited by jojolicia: Apr 25 2024, 01:28 PM