The EPF is slated to undergo considerable reform, combining its members' existing two accounts into three, including the much-anticipated flexible account.

From May 11, EPF CEO Ahmad Zulqarnain Onn announced that monthly payments will be divided three ways: 75% into Account 1 (Akaun Persaraan), 15% into Account 2 (Akaun Sejahtera), and 10% into Account 3 (Akaun Fleksibel).

"Savings in Akaun Fleksibel can be withdrawn by members at any time for any purpose, subject to a minimum withdrawal amount of RM50," according to a statement.

Zulqarnain said that members can also transfer a part of their Akaun Sejahtera funds to Akaun Fleksibel for quick access through an opt-in window which will be open from May 11 to August 31.

"The amount to be distributed is based on the members' Akaun Sejahtera balance at the time that this opt-in is made," he said in a statement.

According to Free Malaysia Today, withdrawals from the flexible account can be done at any bank countrywide or through EPF i-Akaun.

Right now, 70% of EPF members' monthly payments go into Account 1, which is unavailable until retirement.

The remaining 30% is sent to Account 2, which can be used for education, healthcare, housing, and a partial withdrawal at the age of 50.

Source: Free Malaysia Today