Starting from 2 January 2007 onwards, the Employees Provident Fund (EPF) will consolidate the number of accounts from three to two, with 70 percent in Account I and the remaining 30 percent in Account II.
Currently, there are three accounts, which are Account I (60 percent), Account II (30 percent) and Account III (10 percent).
(SOURCE: EPF)
Good news to those who have plan in mind to to make withdrawals to own a house or to finance you and your children’s education as the savings currently in Account III, which are used for critical illness related withdrawals, will be incorporated into Account 2 initially.
By the way, I was at EPF Selangor State Office yesterday. The Smart Kiosk service available which enables members to use MyKad to obtain EPF account statement, is the best experience that I’ve ever experienced dealing with any Government agencies. Thumbs up!
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