Crowds throng EPF as Account 3 kicks in

Smooth process: EPF employee Tengku Shiena Tengku Hamzah guiding an EPF member through the process of transferring funds into Account 3 at the Petaling Jaya branch. — AZHAR MAHFOF/The Star

PETALING JAYA: Members of the public went in droves to Employees Provident Fund (EPF) offices to get more information on or opt in for Account 3 after its introduction.

Under a restructuring plan that took effect on May 11, EPF accounts are split from two to three for members aged below 55.

A survey by Bernama saw long queues at the Jalan Raja Laut EPF branch in Kuala Lumpur early yesterday.

In NILAI, Negri Sembilan, people were trying to get their transaction authentication codes or attempting to update their details at the EPF branch office, according to Utusan Malaysia.

Sabturiah Muldani, 41, took a day off from work just to show up at the office as she had failed to opt in for Account 3 when it was launched last Saturday.

“I took a day off just to settle matters related to EPF Account 3 here,” she told the daily.

In ALOR SETAR, 33-year-old Noor Zanariah Yaakob said she and her two friends went to the local EPF office to get details on Account 3, Kosmo! reported.

“I came to the office because I wasn’t sure how to transfer money from Akaun Sejahtera (Account 2).

“Fortunately, we were given clear instructions, so now all we have to do is wait for the money to be transferred into the Flexible Account,” she said.

In KUALA TERENGGANU, Jacob Md Ali said he was eager to transfer his money to Account 3 so he could fund his eldest child’s tertiary education.

“His Sijil Pelajaran Malaysia results will be out on May 27 and I hope he’ll be able to pursue his desired course within the next few months,” said the 48-year-old.

With the restructuring of EPF accounts, the monthly contribution of members would be divided by 75%, 15% and 10%, and channelled to Accounts 1, 2 and 3 respectively.

However, contributors are only allowed to withdraw up to RM250 per day.

According to an update posted in EPF’s i-Akaun application, the minimum sum members can withdraw per day from the flexible account is RM50.

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EPF , Account 3 , Flexible Account


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