EPF Receives Over 2 Million Applications For Akaun Sejahtera To Akaun Fleksibel Transfers
KWASA DAMANSARA, 27 May 2024: The Employees Provident Fund (EPF) announces that as at 22 May 2024, a total of 2.86 million applications to transfer the initial amount from Akaun Sejahtera to Akaun Fleksibel were received, involving an amount of RM8.78 billion, after the option was opened to members on 12 May 2024. Meanwhile, a total of 3.04 million withdrawal applications from Akaun Fleksibel were approved amounting to RM5.52 billion.
EPF Chief Operating Officer, Encik Sazaliza Zainuddin said, “The EPF is expecting the number of applications from members choosing to transfer an initial amount from their Akaun Sejahtera to Akaun Fleksibel to continue to rise until the deadline on 31 August 2024. We are also pleased to see the significant increase in applications via the KWSP i-Akaun mobile app. This reflects our efforts to enhance user experience and accessibility, as we continue to innovate and expand our digital offerings.”
Starting 12 May 2024 until 31 August 2024, members will have an option to transfer one-third of their savings balance from Akaun Sejahtera to Akaun Fleksibel. The transfer of the initial amount to Akaun Fleksibel is based on the balance in the member’s Akaun Sejahtera on the application date. Withdrawals from Akaun Fleksibel can be made at any time for any purpose, with a minimum withdrawal of RM50.
As the closing date for the option to transfer part of their savings in Akaun Sejahtera to Akaun Fleksibel is on 31 August 2024, members are advised not to rush into making the transfer. Members who have yet to register with the KWSP i-Akaun are encouraged to do so to enable withdrawal transactions from Akaun Fleksibel. Members are advised to register or update their mobile phone number via the Self-Service Terminal (SST) available at any EPF branch for the purpose of receiving a Transaction Authorisation Code (TAC) to verify their identity when conducting transactions.
For information on the EPF Account Restructuring and details on the option to transfer an initial amount, visit the EPF website at www.kwsp.gov.my, or call the EPF Contact Management Centre at 03-8922 6000.
Issued by EPF Media Desk
Corporate Affairs Department
27 May 2024
About the Employees Provident Fund (EPF)
The Employees Provident Fund® (EPF®) is Malaysia’s premier retirement savings fund, helping its members achieve adequate savings for a comfortable retirement. This is in line with EPF’s vision to help members achieve a better future and its mission to safeguard members’ savings and deliver excellent services. The EPF has evolved significantly from a transaction-centric to a professional fund management organisation with a strong focus on retirement security. The EPF is guided by a robust and professional governance framework when making investment decisions. It continues to play a catalytic role in the nation’s economic growth and seeks to cultivate a savings and investment culture among its members to improve the country’s financial literacy level.