i-Sinar approval from March 8: EPF

by SHAHEERA AZNAM SHAH/ pic by MUHD AMIN NAHARUL

 

The approval for i-Sinar facility for members below the age of 55 will begin from March 8, Employees Provident Fund (EPF) said.

This will also include new applications received after that date, subject to their available Account 1 balance.

“The fund appreciates members’ patience and understanding while these changes are being implemented, as the amendments to the i-Sinar facility as announced on 11 February 2021 involves substantial changes to the system, process, and governance required for i-Sinar Online,” EPF said in a statement yesterday.

The amounts for withdrawal as well as the maximum six-month payment schedule of the amounts withdrawn, however, will remain.

For those who have RM100,000 and below (Account 1), they have access to any

withdrawal amount of up to RM10,000. The payments will be staggered over a period of six (6) months with the first payment of up to RM5,000.

For those who have above RM100,000 (Account 1), they have access of up to 10% of their Account 1 savings. However, the maximum total amount withdrawal allowed is RM60,000. The payments will be staggered over a period of six (6) months with the first payment of up to RM10,000.

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

The fund advises members who have not made any application for the i-Sinar facility previously and intends to apply during this transition period to defer their application until the revised i-Sinar comes online on March 8. This will reduce processing time and speed up crediting of their funds.

To date, RM18.5 billion has been released under the i-Sinar facility since applications opened in December 2020, benefiting 3.3 million members.