Starting today, Malaysians can transfer up to a third of their savings from their EPF account 2 to their account 3, as part of the latest initiative by the Employees Provident Fund (EPF).
To facilitate this new option, the EPF has launched an educational video tutorial on Facebook, that guides users through the process in nine easy steps.
The EPF announced this new feature on social media, sharing a detailed guide on how to use the KWSP i-Akaun mobile application to make the transfer.
Step-by-step guide
The steps outlined are as follows:
Step 1: Log in to the i-Akaun mobile app.
Step 2: Click on “Learn More” (Ketahui Lanjut).
Step 3: Select “Next” (Seterusnya) to find out more about the EPF account restructuring plan.
Step 4: Press “Transfer Now” (Pindah Sekarang).
Step 5: After reading the important reminders (Peringatan Penting), click “Continue.”
Step 6: Click “Continue” (Teruskan) again to view the deposit amounts in all three accounts, before and after the transfer.
Step 7: After reading the terms and conditions, click “Accept” (Terima).
Step 8: Confirm the transfer by clicking “Yes,” then proceed.
Step 9: Upon completing the submission, the initial amount in the third account will be approved within 3 to 5 working days.
This new capability aims to provide greater flexibility and control over how members can manage their retirement savings, particularly in enhancing their financial planning strategies.
The EPF encourages all members to utilize this feature responsibly and to consider their financial needs carefully before transferring funds.
Watch the full video here:
