i-Lestari payouts to begin tomorrow - EPF

In a statement today, the EPF said members will be informed, via the i-Lestari Online facility, as soon as the fund transfer to their active bank accounts is successfully done.

It said the actual date when the money is available for withdrawal from bank accounts will be subject to the respective bank's clearance procedures ranging from one to three days from the date of transfer from the EPF.

Chief executive officer Tunku Alizakri Alias said more than 3.51 million applications have been approved totalling over RM1.66 billion since the launch of i-Lestari in early April.

The EPF has been working with its partner banks to ensure their systems and infrastructure are ready to receive and correctly process such huge amounts of deposits at any one time.

"As a result, it was agreed that daily transfers by batches from the EPF to the respective financial institutions is the safest and best method.

"InshaAllah, we anticipate the whole process will be concluded within two weeks if not sooner," he said.

Alizakri said the EPF understands the urgent cash requirements needed to get through the current challenging times, even though the pension fund is concerned the i-Lestari Withdrawals will substantially reduce members' retirement savings.

"We hope our members have thought deeply before deciding on the amounts to be withdrawn from their Account Two as they will need to balance their present cash needs with ensuring a solid financial future.

"Once the movement control order is lifted, we urge our members to make an appointment with our Retirement Advisory Services officers who will assist to review and restructure their retirement plans," he said.