EPF approves 2.5 mln applications for i-Sinar involving RM19.62 bln

KUALA LUMPUR: The Employees Provident Fund (EPF) has approved 2.5 million out of 3.88 million applications for i-Sinar under Category 1, involving withdrawals totalling RM19.62 billion as at Jan 4, 2021.

In a statement today, EPF said the first month's payout amounting to RM10.07 billion would be made in stages beginning Jan 5, 2021.

“A majority of the remaining 1.4 million submissions which have yet to be approved falls under the criteria outlined under Category 2, which will open for submissions from Jan 11, 2021.

“Members who fall under Category 2 are advised to start preparing relevant documents such as official payslips (which details total salaries including overtime and commissions) and/or bank statements for uploading on i-Sinar online,” it said.

EPF said 701 applications were not approved due to various reasons such as non-matching of bank account numbers, applications made on behalf of deceased members or members being able to make total withdrawals from Account 1 under the existing 55 years old facility.

“The EPF further assures members that the fund has put in place measures to prevent irresponsible third parties or scammers from making fake submissions and posing a danger to members’ hard-earned retirement savings,” it said.

Therefore, it said EPF strongly advised its members to avoid sharing photos or documents of their i-Sinar submissions or withdrawals on social media, as this would expose them to potential scams and fraudsters.

-- BERNAMA