3.04 million applications for Flexible Account Withdrawals have been approved- KWSP

3.04 million applications for Flexible Account Withdrawals have been approved- KWSP

KUALA LUMPUR: The Employees Provident Fund (EPF) today announced that as of May 22, a total of 2.86 million applications for initial transfer amounts have been received and transferred from the Sejahtera Account to the Flexible Account, involving a total amount of RM8.78 billion.

According to the EPF Corporate Affairs Media Desk, the option was opened to members on May 12.

Meanwhile, a total of 3.04 million applications for flexible account withdrawals have been approved, involving a total amount of RM5.52 billion.

EPF Chief Operating Officer Sazaliza Zainuddin said the EPF expects the number of applications for the transfer of initial amounts from their Sejahtera Account to the Flexible Account to continue to increase until the closing date on August 31, 2024.

“We are also pleased to see a significant increase in applications through the EPF i-Akaun mobile application. This reflects our efforts to enhance user experience and accessibility while we continue to innovate and expand our digital offerings,” he said.

From May 12 to August 31, 2024, members are given the option to transfer one-third of their savings balance from the Sejahtera Account to the Flexible Account.

The initial transfer amount to the Flexible Account is subject to the balance in the member’s Sejahtera Account on the date the application is made. Withdrawals from the Flexible Account can be made at any time for any purpose, with a minimum withdrawal of RM50.

Considering that the deadline for choosing to transfer part of the savings from the Sejahtera Account to the Flexible Account is August 31, 2024, members are advised not to rush the transfer.

Members who have not yet registered with the EPF i-Akaun are encouraged to do so to enable withdrawals from the Flexible Account.

For more information on the EPF Account Restructuring and details related to the initial transfer options, members can refer to the EPF website at www.kwsp.gov.my or contact the EPF Contact Management Center at 03-8922-6000.

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