New account a valuable tool

BEGINNING from May 11 until Aug 31, 2024, members of the Employees’ Provident Fund (EPF) under the age of 55 will have the chance to transfer money from their old accounts into the new Akaun Fleksibel – better known as Account 3 – from which they can access the funds.

Analysts suggest that if every EPF member decides to make a one-time transfer into Account 3, approximately RM57bil could be shifted to the new flexible account. However, it’s anticipated that only around RM25bil may be withdrawn from Account 3 during the initial year, drawing parallels with withdrawal trends observed during the Covid-19 pandemic-related schemes early withdrawal schemes.