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

By becoming 55 years old

transfer masuk bank acc la

bcos u totally dont need do anything. so how to give guide?

Niama. Macam takde bantu aje 1/3. Lebih baik jangan bagi keluarkan.

This post has been edited by alexleow81: Apr 25 2024, 12:39 PM

No opt out it seems

How is the calculation ? Says account 2 got RM 10k

So can apply after May 12?

so can get money onot.. niamah so many mcm2

1/3 is rm3333.33

The problem is how many dividend for account 3?

u want transfer 1/3 account no2 to account no3?

Yeap.

No way to opt out. It is what it is.

Retirement funds become retirement atm

Just in time for the KKB by-election.. LOL

Why opt out? It didn't mention different dividend rate.

no mention on the Acc 3 withdrawal process..

if it is like a savings acc and dividend is same across, this means savers r fucuk again.. because some of the fund have to be kept liquid and not possible for long term investment..

oh well.. i will make sure my children don have to contribute to EPF in the future..

This post has been edited by seather: Apr 25 2024, 12:52 PM

My wifu kbkb complaining very low compared to acc 1&2.

She asking for option to opt-out from creating acc 3

Starting may 12

so silent on dividend , die lo election .

Yes, it was mentioned Acc 3 will not be paid same dividend as Acc 1 & 2.

A very low dividen for acc 3

This post has been edited by jojolicia: Apr 25 2024, 12:56 PM

Yes u can. Starting 12 may can apply to move 10/30 of your Akaun 2 to akaun 3

if dividend is same across for all 3 accounts then i'm ok with it. But for those withdrawing account 2 for housing purpose better think twice, they shrink from 30% withdrawable amount to 25% of it.

What about voluntary contribution? Will it be automatically allocated following the 75-15-10 proportion also? Can the voluntary contribution be put 100% into account 3?

Please share official sos.

sos please

It was announced dividen will not be the same across the 3 accounts. Acc 1&2 same but surely not acc 3.

So if got 100,000 at account 2

• 100,000 x 10/30 = 33,333 to account 3
• 100,000 x 5/30 = 16,667 to account 1
• 100,000 x 15/30 = 50,000 remain in account 2

Wait, I find the old article again

here the sos, smh boomer / gen z / alpha

kekw

So ifon sales naik again ar after this?

It was never announced, but it was speculated though

No wonder so many bodo kena scammed. They believe everything posted online is true. Kekwa.

Inflation will go up in Q4 2024 this year. Businesses will be doing great until the money is fully used, then there will be calls to allow more withdrawals.

Stupid gomen.

For those who wants to opt out, can withdraw the money from account 3, and put it back thru self-contribution and enjoy tax relief of 7K.

Dang.. then that thins out the 100k limit per year

Worth it la. Immediately gain 20%+ of relief wo.

This post has been edited by poweredbydiscuz: Apr 25 2024, 01:08 PM

Self contribution, they divide between 3 accounts again. No difference.

any official source for this?

kekwa, ini speculation

https://www.nst.com.my/business/economy/202...opt-out-options

Read 4th last para

"The New Straits Times recently reported that members who opt not to withdraw from Account 3 might receive a significantly lower "token" payout compared to the dividends for Accounts 1 and 2"

Surely you don't get same dividen for an account akin a normal saving account.

This post has been edited by jojolicia: Apr 25 2024, 01:10 PM

Bottom line: they need to be upfront what account 3 dividen going to be.

don think they so dumb

they might implement just like SSPN, nett in, if you withdraw x amount, you put in y, your nett in is y-x

speculate only, adui ini orang

Errr, the way I understand is Acc 3 will start from 0.

From now onwards u can choose what will go into Acc 3. 10/30 or 5/30 or 15/30.
And not taking whats already in Acc 2 and divided it by 10/30 or 5/30 or 15/30 and put into Acc 3.

Do correct me if my understanding is wrong.

more easier is

account 1 70k
account 2 30k

end up
account 1 75k (account 2 5/30 into here)
account 2 15k (account 2 15/30 remain)
account 3 10k (account 2 10/30 into here)

why dont they allow those with above RM1mil to opt out from Acct 3 completely?

Completely useless this Acct 3 for us

This post has been edited by Lembu Goreng: Apr 25 2024, 01:13 PM

Can transfer for 1 time option.

If by default not doing anything mean 0% allocation to acc3 Correct?

Can only change once a year? Or once a lifetime?

Between 11 May 2024 and 31 August 2024, members will have a one (1) time option to transfer part of the savings balance in their Akaun Sejahtera (previously Account 2) as an initial amount to Akaun Fleksibel. 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.

Only will touch this if I have no way out.


This post has been edited by Koranshita: Apr 25 2024, 01:17 PM

Good idea lol. Let's see how it goes after this.

IMO, if account 3 same dividend as account 1 and 2, what is the point of account 3 then?

Just make it easier to withdraw from account 2 then (like you can withdraw x% from account 2 once a year etc)

This post has been edited by askingquestion: Apr 25 2024, 01:20 PM

TLDR so far i read

>account 3 start with 0
> during May 11 2024 and August 31 2024, member can transfer money from account 2 to account 3 , if they decide no transfer ,at 1 Sep 2024, your account 3 is starting with 0
>75:15:10 contribution, do your calculation
>No impact on the EPF’s portfolio, dividend for Account 3 could differ in future
>Withdrawal amount of RM50 from account 3
>>only age 55 below, after 55 age above, account 3 and account 2 will go into account 1



my opinion

neh, make sure at 60 years old u get 800k 900k 1m in KWSP and leech of the dividend, it is susceptible all of us will live thru pass 60 until 100 or 90

not a good move, this is probably respond to ppl who withdraw money during covid-19

they doing this just to make sure ppl work until 100, no retirement like sg, hk , japan , korea , china , American

i am expecting them to push the retirement age from 60 to 70 or 63

source : https://www.malaymail.com/news/malaysia/202...rst-year/130739

This post has been edited by nelson969: Apr 25 2024, 01:20 PM

Ok time to withdraw and but in AHB or Tabung Haji.. higher dividen without need for zakat deduction

How to self contribute.. I check I macam not entitled

Correct.
Yes or No, that Acc 3 (if unwithdrawn/ untouched) dividen will the same as announced for Acc 1 & 2.

This post has been edited by jojolicia: Apr 25 2024, 01:20 PM

You do or not account 3 is fixed. 10% of the contribution will goes to account 3.

The account 2 transfer to account 3 is once a lifetime between 11 May 2024 and 31 August 2024.

Basically, giving you the carrot.... but also holding the stick.

Lucky me, already passed 55 so no Acc 3.

By your logic, what's the point of account 2 if it has same dividend as account 1? Just make it 30% of account 1 allowed to be withdraw for certain conditions.

I think not. Basically all contributors below 55 are "assigned" 3 accounts from May onwards. Only difference is that you can withdraw 10%, but as a "penalty" a 5% .... "retainer fee" goes to Akaun 1 - which you can only withdraw after 55.

the dividend across 3 accounts same or not? of acc3 will lesser?

I see. Thank for the clarification.

Different functionality

Because account 1 money cannot be withdraw unless very specific circumstances (death, retirement, etc)

Account 2 was made so we could withdraw the money for certain purpose. Since account 2 was for the purpose of withdrawing money, let people withdraw from account 2 lor.

Why need account 3?

Abang tax relief and life insurance long ago separate dah. For those contribution more that 4k max relief have no reason to self contribute

For those who opt to transfer certain portion from acc 2 to acc3, what is the cutoff period they referring to? Is it based on May balance? Since we have time until Aug to decide can I do it on Aug and will they use Aug balance instead since will be higher?

Keyword - "might". No official word on this, right?

You already answered yourself. Topkek.

They already renamed them to Account Retirement, Account Sejahtera, Account Flexible. Which is quite clear.

Wait, you know that Acc 3 can be withdraw for whatever reason. Right?

This post has been edited by poweredbydiscuz: Apr 25 2024, 01:31 PM

thesundaily quoted

>No impact on the EPF’s portfolio, dividend for Account 3 could differ in future

Do it on Aug for higher balance.

A1 - withdraw due to explicit circumstances.
A2 - withdraw due to specific need, requires approval.
A3 - withdraw minimum RM50 anytime. no need someone to approve.

Gomen said no to withdrawals earlier but actually allowing more to be withdrawn. Past ones max 60k iinm.

Now if you have 300k in your account 2,.you can withdraw 100k to spend on anything you like.

Kekwa. Then 2025 can claim economic growth under mafani, funded by people's retirement money.

For you (in bold)

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.

This post has been edited by jojolicia: Apr 25 2024, 01:43 PM

If you look more closely, account 3 IS necessary. Think of this way... if you can withdraw anytime.... people will start withdrawing like crazy and then account 2 would be empty in no time. You can try to put a condition that you must have a minimum amount inside, but what IS the minimum? RM 10? 100? 1000?

By creating account 3, basically you can withdraw all without any conditions.

This post has been edited by ZeroSOFInfinity: Apr 25 2024, 01:45 PM

+1

Iphone sales gonna go up up up

10% is auto and cannot be ammend? I mean if I dowan to or I want only 5% . Something like that.