Many contributors to the Employees Provident Fund (EPF) are opting to show up as early as 7 a.m. and endure long queues at EPF offices nationwide.
Their aim? To swiftly withdraw funds to their Account 3 (Akaun Fleksibel).
A report by Harian Metro found that many people struggle to use the EPF i-Account app and are confused about how the new third account works.
One shared that even after registering online, she was still unsure about how to transfer funds to this third account.
“I came here to get a clear explanation on how to move my money properly. With the economy being tough, I try to be very careful with how I manage my money,” she explained.
She added that even though the third account offers flexibility, it doesn’t mean you can withdraw money without thinking it through.
A 23-year-old private sector employee, mentioned his efforts to show that young contributors like him are responsible.
“I have my own set of responsibilities, like supporting my family. The third account is a big help for managing emergency funds,” he said.
Another 45-year-old contributor noted that while the new flexible account is a good step, it doesn’t fully cover her family’s living costs.
“It’s nice to have some extra money for daily expenses from the flexible account, but it’s still not enough,” she commented.
She also mentioned that contributing 10 percent to the third account doesn’t do much because of high costs and low wages.
