EPF members look forward to accessing Account 3
The new Employee’s Provident Fund (EPF) Account 3, which goes live tomorrow, will give members below the age of 55 access to funds for short-term financial needs.

The flexible account will start with a zero balance and comprise 10% of future monthly contributions.

With the new restructured system, Account 1 will receive 75% while Account 2 will get 15% of the monthly contribution.

Currently, the monthly contributions are split into 70% for Account 1 and 30% for Account 2.

Business development manager Fatin Farhana Mazlan said the new account would be a valuable component for her family’s financial support system. Rozaidi says Account 3's value as a dedicated emergency fund should not be overlooked.

Fatin said the money would help in monthly commitments, such as paying for a new water filtration system.

“Recently, we installed an air purifier. We plan to use Account 3 to pay for the appliance.

“The money will help us upgrade to a healthier lifestyle,” she said.

Hotel general manager Rozaidi Md Ramli believes Account 3 can benefit individuals below the age of 55, particularly those looking to allocate money towards an emergency savings fund.

“While Account 3’s base might start smaller compared to other EPF accounts, leading to a potentially lower dividend yield, its role as a dedicated emergency fund could outweigh this factor.

“It’s important to recognise that Account 3 isn’t designed as the primary vehicle for maximising dividend returns within the EPF.

“Instead, its focus on providing a separate avenue for emergency savings underscores its intended purpose within the broader EPF framework,” he said.

For families like his, Rozaidi said incorporating Account 3 into their financial strategy could offer peace of mind by establishing a designated pool of funds specifically reserved for unforeseen expenses or emergencies.

“This segregation of funds, even with a relatively lower dividend rate, could prove invaluable during times of financial need.

“Account 3’s value as a dedicated emergency fund should not be overlooked.

“For families seeking to enhance their financial resilience and preparedness, leveraging Account 3 as a strategic component of their overall financial plan could be a prudent decision,” he added.
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The new Employee’s Provident Fund (EPF) Account 3, which goes live tomorrow, will give members below the age of 55 access to funds for short-term financial needs.