KUALA LUMPUR: The Employees Provident Fund (EPF) today announced that as of May 22, 2024, a total of 2.86 million applications to transfer the initial amount from Akaun Sejahtera to Akaun Fleksibel were received, involving an amount of RM8.78 billion.

According to the Corporate Affairs Department of EPF Media Desk, the option was opened to members on May 12.

Meanwhile, a total of 3.04 million withdrawal applications from Akaun Fleksibel were approved amounting to RM5.52 billion.

EPF chief operating officer, Sazaliza Zainuddin said, "EPF is expecting the number of applications from members choosing to transfer an initial amount from their Akaun Sejahtera to Akaun Fleksibel to continue to rise until the deadline on Aug 31.

"We are also pleased to see the significant increase in applications via 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 in a statement.

From May 12 to Aug 31, members will have an option to transfer one-third of their savings balance from Akaun Sejahtera to Akaun Fleksibel.

The transfer of the initial amount to Akaun Fleksibel is based on the balance in the member's Akaun Sejahtera on the application date. Withdrawals from Akaun Fleksibel can be made at any time for any purpose, with a minimum withdrawal of RM50.

As the closing date for the option to transfer part of their savings in Akaun Sejahtera to Akaun Fleksibel is on Aug 31, members are advised not to rush into making the transfer. Members who have yet to register with the KWSP i-Akaun are encouraged to do so to enable withdrawal transactions from Akaun Fleksibel.

For information on the EPF Account Restructuring and details on the option to transfer an initial amount, visit the EPF website at www.kwsp.gov.my, or call the EPF Contact Management Centre at 03-8922 6000.

-- BERNAMA