PETALING JAYA: The majority of Employees Provident Fund (EPF) members eligible to make withdrawals from their Akaun Fleksibel chose not to do so up to October last year.<\/p>\n
EPF’s research report “Enduring Today, Shaping Tomorrow: Akaun Fleksibel as a Financial Lifeline for Wellbeing” stated that about 63% or 8.4 million people have left the funds in the account untouched.<\/p>\n
It said that 44% had sufficient balance in the account while 56% were unable to withdraw their money because of insufficient balance.<\/p>\n
“About 37% or five million members have made at least one withdrawal between May 2024 and October last year.<\/p>\n
“The total amount was about RM16.6bil,” it said, adding that there were about 13.3 million eligible members.<\/p>\n
“About 4.1 million people have also transferred a total of RM14.5bil from their Akaun Sejahtera to Akaun Fleksibel during the one-time option for fund transfer between May 11 and Aug 31, 2024.<\/p>\n
“And by October last year, 81% of those who made withdrawals had less than RM500 left in their Akaun Fleksibel, while 6.2% had fully depleted their balances,” it said.<\/p>\n
Akaun Fleksibel was launched in May 2024 to allow members to withdraw their funds at any time, provided they have a sufficient amount.<\/p>\n
The report also indicated that members earning below RM3,000 per month accounted for the largest proportion of withdrawals at 51.1%.<\/p>\n
It said the withdrawals were made in small amounts for urgent needs.<\/p>\n
“A survey found that withdrawals by 14,204 members from Akaun Fleksibel between May 2024 and June 2025 were largely for essential needs.<\/p>\n
“These included daily necessities, health-related expenses, emergencies, debt and investment obligations, and seasonal or lifestyle spending,” it added.<\/p>\n
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