EPF simplifies i-Sinar approval beginning March 8

KUALA LUMPUR: Employees Provident Fund (EPF) members below the age of 55 who have applied for the i-Sinar withdrawal facility will be given approval beginning March 8, 2021.

In a statement today, EPF said the approval includes new applications received after that date, subject to their available Account 1 balance.

“For those who have RM100,000 and below in Account 1, they have access to a withdrawal amount of up to RM10,000, and the payments will be staggered over a period of six months with the first payment of up to RM5,000.

“Meanwhile, for those who have above RM100,000 in Account 1, they have access to 10 per cent of their Account 1 savings. However, the maximum total amount of withdrawal allowed is RM60,000,” the national retirement fund said.

The removal of the i-Sinar withdrawal criteria means that the interim payment of RM1,000 implemented last month will be effectively stopped.

EPF advised members who have not made any application for the i-Sinar facility and intend to apply during this transition period to defer doing so until the revised i-Sinar comes online on March 8.

This will reduce processing time and speed up crediting of their funds, it said, adding, it appreciates members’ patience and understanding while the changes were being implemented.

It said amendments to the i-Sinar facility as announced on Feb 11, 2021, involves substantial changes to the system, process, and governance required for i-Sinar Online.

About RM18.5 billion has been released under the i-Sinar facility since applications opened last December, benefiting 3.3 million members.

For more information and enquiries, members can contact the EPF Contact Management Centre at 03-8922 6000, the i-Sinar hotline at 03-8922 4848 or refer to the EPF website at www.kwsp.gov.my.

-- BERNAMA