KWSP Introduces New Three-Account Structure for Enhanced Member Flexibility

KUALA LUMPUR – The Employees Provident Fund (KWSP) has announced a significant restructuring of its member accounts, effective May 11, 2024, introducing a new three-account framework aimed at enhancing financial flexibility for contributors. The updated structure comprises Akaun Persaraan (Retirement Account), Akaun Sejahtera (Well-being Account), and the newly introduced Akaun Fleksibel (Flexible Account). Under the revised system, contributions will be allocated as follows: 75% to Akaun Persaraan, 15% to Akaun Sejahtera, and 10% to Akaun Fleksibel. Akaun Persaraan is designated for long-term retirement savings, with withdrawals permitted at age 55. Akaun Sejahtera is intended for pre-retirement needs such as housing, education, health, and insurance, allowing withdrawals from age 50. The most notable addition, Akaun Fleksibel, allows members to withdraw funds at any time for short-term financial needs. An initial transfer option from Akaun Sejahtera to Akaun Fleksibel was available from May 12 to August 31, 2024. While withdrawals from Akaun Fleksibel are permissible anytime, KWSP advises members to utilize this account primarily for emergencies or urgent financial requirements. This initiative aims to provide members with greater control over their savings while ensuring adequate provisions for their retirement and essential needs.

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