EPF members can withdraw up to RM60,000: Are you eligible?
Dania Zainuddin
November 17, 2020 19:37 MYT
November 17, 2020 19:37 MYT
i- Sinar is an extension of the i-Lestari withdrawal facility that will end in March 2021. Astro AWANI / Shahir Omar
WHAT YOU NEED TO KNOW?
- The EPF has announced a scheme called i-Sinar that will allow members to withdraw funds from Account 1 that is usually only accessible once members turn 55 years.
- The facility is expected to benefit two million eligible members, with a total estimated value of RM14 billion to be made available.
- i- Sinar is an extension of the i-Lestari withdrawal facility that will end in March 2021.
- i-Sinar is eligible for members who have lost their jobs, given no-pay leave, or have no other source of income during the COVID-19 pandemic.
- This facility will enable eligible members to have access to 10 per cent of their savings in Account 1. However, it is subject to having a minimum balance of RM100.
- You have access to any amount up to RM9,000.
- You will receive an advance of up to RM4,000 and the balance will be divided over the next five months.
- You have access up to 10 per cent of your Account 1 savings.
- The maximum allowed to be advanced is RM60,000
- Your first advance is up to RM10,000 and the balance will be divided over the next five months.
- Members who take up the facility are required to replace the full amount advanced.
- Future contributions will be 100 per cent credited to Account 1 until the amount advanced is replenished.
- Thereafter, contributions will revert to 70 per cent to Account 1 and 30 per cent to Account 2.
- Eligible members can start applying from December 2020.
- Funds will be credited into members’ bank accounts by the end of the month following their i-Sinar application. First crediting will take place in January 2021.
- Advances will be made over a period of six months from the first date of crediting.