EPF Flexible Account: Nearly 3 million applications or RM8.78 billion for transfer

KUALA LUMPUR – The Employees Provident Fund (EPF) has received 2.86 million applications to transfer initial amounts from the Sejahtera Account to the Flexible Account, involving a total of RM8.78 billion as of May 22, 2024, Chief Operating Officer, Sazaliza Zainuddin says.

Sazaliza Zainuddin also says the fund expects the number of applications from members opting to transfer their initial amounts from their Sejahtera Accounts to Flexible Accounts to continue rising until the deadline on August 31.

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“There is a significant increase in applications through the EPF i-Akaun mobile application. This reflects our efforts to enhance user experience and accessibility as we continue to innovate and expand our digital offerings,” the CEO says in a statement.

EPF Flexible Account

The transfer option was made available to members starting May 12, and a total of 3.04 million withdrawal applications from the Flexible Account have been approved, amounting to RM5.52 billion.

From May 12 to August 31, members have the option to transfer one-third of their savings balance from the Sejahtera Account to the Flexible Account. Additionally, the initial transfer amount to the Flexible Account is based on the balance in the member’s Sejahtera Account at the time of application. Withdrawals from the Flexible Account can be made at any time for any purpose, with a minimum withdrawal amount of RM50.

For more information on the EPF Account Restructuring and details on the transfer option, visit www.kwsp.gov.my or contact the EPF Contact Management Center at 03-8922 6000.