KUALA LUMPUR (May 27): The Employees Provident Fund (EPF) has approved 3.04 million applications to withdraw money from Account Flexible (or Account 3) as of May 22, amounting to RM5.52 billion, since the option became available to members about two weeks ago on May 12, according to a statement it issued on Monday.

It has also received 2.86 million applications during the period to transfer an initial amount from Account Sejahtera (or Account 2) to Account Flexible, involving RM8.78 billion.

EPF members under the age of 55 got the new Account Flexible from May 11, from which they can make withdrawals at any time, and for any purpose, with a minimum withdrawal of RM50. 

And members can, until Aug 31 this year, opt to transfer one-third of their savings from Account Sejahtera to Account Flexible. The amount transferable is based on the balance in Account Sejahtera at the time of application.

The EPF expects the number of transfer applications to continue rising until the Aug 31 deadline. In the mean time, it advised its members not to rush into making the transfer, as there is still time till the closing date for the option to do the transfer.

EPF chief operating officer Sazaliza Zainuddin, meanwhile, said the pension fund is pleased to see the significant increase in applications via the KWSP i-Akaun mobile app.

"This reflects our efforts to enhance user experience and accessibility, as we continue to innovate and expand our digital offerings," he said.

Members who have yet to register with the KWSP i-Akaun are encouraged to do so to enable withdrawal transactions from Account Flexible.

They are also advised to register or update their mobile phone number via the self-service terminal (SST) available at any EPF branch to receive a transaction authorisation code (TAC) for identity verification when conducting transactions.

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EPF members under age 55 will get Account 3 for flexible withdrawals from May 11