PETALING JAYA: The Employees Provident Fund (EPF) has been flooded with applications for the newly introduced Akaun Fleksibel, with 2.86 million members transferring RM8.78 billion from their Akaun Sejahtera as of May 22.
This one-time transfer option, which allows members to move up to one-third of their Akaun Sejahtera balance, was made available starting May 12 this year and the response has been nothing short of remarkable.
In addition to the transfer applications, the EPF has also approved a substantial 3.04 million withdrawal requests from Akaun Fleksibel, totaling RM5.52 billion, as reported by the New Straits Times.
EPF’s chief operating officer, Sazaliza Zainuddin said the scheme has started growing in popularity.
“We anticipate the number of members choosing to transfer funds from Akaun Sejahtera to Akaun Fleksibel will continue to soar until the deadline on August 31, 2024,“ she was quoted as saying.
She also said the significant increase in applications through the KWSP i-Akaun mobile app is a testament to the EPF’s efforts to enhance user experience and digital accessibility, which have clearly resonated with members.
The transfer of the initial amount to Akaun Fleksibel is based on the member’s Akaun Sejahtera balance on the date of application and members can withdraw funds from Akaun Fleksibel at any time for any purpose, with a minimum withdrawal amount of RM50.
To ensure seamless withdrawals from Akaun Fleksibel, members should register for the KWSP i-Akaun and update their mobile phone numbers at any EPF branch to receive a Transaction Authorisation Code (TAC) for secure transactions.
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