EPF Announces System Disruptions On Day Of Account 3 Launch
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The Employees Provident Fund (EPF) has recently put out a notice explaining that there will be a disruption to its online system on 10 to 11 May.
The system is expected to come back online on 12 May. As such, EPF members are advised to plan their transactions accordingly during the disruption period.
Source: EPF
EPF Akaun Fleksibel (Account 3) to be implemented 11 May
Based on the timeframe, the disruption will likely be taking place at the same time as the EPF’s account restructuring.
It was only just recently that the EPF announced the launch of the hotly-debated Account 3, which is slated to come online on 11 May. However, EPF members are only able to gain access to this new feature starting 12 May.
Fund transfers to EPF Akaun Fleksibel from 12 May to 31 August
EPF members will be given between 12 May and 31 August to decide if they want to transfer some funds from the existing Account 2 which will later be known as Akaun Sejahtera into Account 3, which will be known as Akaun Fleksibel, as an initial fund.
Meanwhile, Account 1 will be renamed Akaun Persaraan.
Akaun Persaraan is set to focus on retirement savings, whereas Akaun Sejahtera will cater to the life cycle needs during retirement. Akaun Fleksibel is designed to offer EPF members flexibility for short-term financial needs.
The EPF Account Restructuring initiative aims to enhance members’ income security after retirement while addressing their current life cycle needs.
