KUALA LUMPUR – The Employees Provident Fund (EPF) has been experiencing high online traffic as members eager to check out the new Account 3, or flexible account, clogged access to the system.
Attempts by several different people to access their EPF accounts on desktops were greeted by a “virtual queue” message informing of estimated wait times of up to 12 minutes.
However, there was less difficulty when accessing accounts via the EPF app.
The flexible account was introduced on May 11 to allow EPF contributors aged below 55 access to funds for short-term use.
If members opt to use it, their Account 1 (Akaun Persaraan) will be restructured to hold 75% of their EPF contributions, Account 2 (Akaun Sejahtera) to 15%, while 10% will go to Account 3.
However, those wanting to use Account 3 will first have to make a one-time transfer of funds from Account 2 during the “opt-in” period from now until August 31.
The amount they can transfer to Account 3, however, depends on the amount they have in Account 2. If they have more than RM3,000 in Account 2, 33% of that will be moved to Account 3, and 17% of the balance to Account 1.
If they have more than RM1,000 and less than RM3,000 in Account 2, only RM1,000 will be transferred to the flexible account, and nothing to Account 1.
If they have RM1,000 and below in Account 2, the entire balance will be transferred to Account 3, while nothing will be transferred to Account 1.
Social media users have taken to X and Facebook to share their experiences with opting in and the process of transferring funds to Account 3.
Those with successful applications for transfers from Account 2 to Account 3 posted screenshots of their approvals.
The next step is to apply for a withdrawal from Account 3 that will be transferred to a member’s personal bank account.
Several social media users said they had done this and were now waiting for the money to appear in their bank accounts.
Most of the discussions on a public Facebook group called “Akaun 3 KWSP” with over 20,200 members centred on this, as many seemed unaware that transfers from Account 2 to Account 3 and withdrawals from the latter to a bank account were two separate steps.
There were also complaints about the verification process using the MyKad, with some users saying they received a text message telling them to go to the nearest EPF office to have their thumbprints verified. – May 13, 2024