Your questions on the EPF account restructuring answered

PETALING JAYA: The Employees Provident Fund (EPF) recently announced a restructuring of its members’ accounts that seeks to enhance their income security after retirement while addressing members’ current life cycle needs.

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To recap, effective May 11, 2024, a member's account will be restructured from two accounts to three accounts as below:

i. The existing Account 1 is renamed to "Akaun Persaraan" and Account 2 to "Akaun Sejahtera" with no change in the purpose of both accounts.

ii. Introducing Account 3 which is "Akaun Fleksibel".

iii. Savings in Akaun Fleksibel can be accessed or withdrawn by members, subject to terms and conditions.

iv. After the effective date, new EPF contributions will be credited according to the ratio of 75:15:10, where 75% will go into Akaun Persaraan, 15% into Akaun Sejahtera, and 10% into Akaun Fleksibel.

For the full FAQ (frequently asked questions) explaining the restructuring, visit https://www.kwsp.gov.my/account-restructuring