As the deadline for transferring EPF savings draws near, members need to act quickly.
The chance to move funds from the second account to the third account will conclude on August 31, 2024. If you’re considering taking advantage of this opportunity, here’s what you need to know.
Since early May, EPF members have been granted the option to shift their savings from the Akaun Sejahtera (second account) to the Akaun Fleksibel (third account).
This measure is designed to offer greater flexibility and control over your retirement savings.
One-time transfer only
However, remember that this is a one-time transfer allowed during this period.
If you’ve already made a transfer in May, June, or July, you’re no longer eligible for additional transfers.
This ensures that every member has an equal opportunity to benefit from this initiative before it closes.
3.8 million members have done it so
According to recent updates from Second Finance Minister Dato’ Seri Amir Hamzah, the response to the transfer measure has been substantial.
As of July 19, 2024, about 3.8 million members—representing 29.3% of those under 55—have chosen to reallocate their savings from the Akaun Sejahtera to the Akaun Fleksibel. This trend indicates a shift towards more adaptable financial management.
Moreover, 26.2% of members, roughly 3.4 million individuals, have opted to withdraw funds from the third account.
This decision involves an impressive RM8.9 billion. In addition, 43,000 members have redirected their savings from the second account to the first account, totalling RM5.6 billion.
Complete your transfer by August 31, 2024
With the transfer deadline looming, it’s essential to assess whether this move aligns with your financial plans. The third account’s flexibility might offer significant benefits for managing your retirement funds effectively.
Make sure to complete your transfer by August 31, 2024, if you wish to take advantage of this option. If you’ve already made a transfer earlier this year, planning your finances accordingly will be important, as no further transfers will be allowed.
For more details or to initiate a transfer, visit the EPF website or get in touch with your local EPF office.