Article Related To i-sinar

Three special withdrawals from the EPF, namely i-Lestari, i-Sinar and i-Citra have benefitted 7.34 million members or 58 pct of 12.6 million members under 55 years old.

The MEF said there should not be any more withdrawal schemes from the EPF savings prior to its members reaching their retirement age of 60 to ensure they have adequate savings.

Mohd Shahar denied that the withdrawals had a negative impact on investments in the Malaysian Government Securities.

The withdrawal facilities were exceptional in nature and were introduced when the pandemic had severely impacted the local economy.

Nurhisham Hussein said the fund has a plan in terms of managing the liquidity as well as the cashflow of EPF.

Amir Hamzah said if the amount in Account 2 is inadequate, then we will allow depositors to access Account 1.

The government should tread carefully, nonetheless.

The government is always considering all proposals and solutions to ease the burden of the people, especially during the National Recovery Plan, said Finance Minister Tengku Zafrul Abdul Aziz.

Domestic demand is expected to rebound this year despite some disruptions caused by the implementation of the Movement Control Order (MCO), MIDF Research said.

Abdul Rasheed said that in terms of retirement savings, however, the buffer needed to be strengthened and rebuilt.

Up till March 14 this year, i-Sinar withdrawals of RM52.48 billion have been approved for 5.94 million applicants.

Applicants for the i-Sinar facility under the EPF submitted before Feb 25 will be progressively approved in batches.

The extra matching of monies would mean EPF will have more fund to invest further, despite the withdrawal.

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

Tengku Datuk Seri Zafrul Tengku Abdul Aziz said priority will be given to those who have applied or applications that were being processed.

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Liew Chin Tong says the restrictions would not affect the development of the domestic data centre ecosystem as a whole.