EPF members can withdraw up to RM60,000: Are you eligible?

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.

WHO IS ELIGIBLE?

• 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.

SCENARIO A: IF you have RM90,000 and below (Account 1)

• 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.

SCENARIO A: IF you have RM90,000 and above (Account 1)

• 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.

i-Sinar IS NOT A WITHDRAWAL

• 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.

WHEN CAN YOU APPLY?

• 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.

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