Last updated : 3/24/20 11:28 AM     

BASIC FAQ i-LESTARI WITHDRAWAL

BASIC FAQ

i-LESTARI WITHDRAWAL

 

BIL QUESTIONS & ANSWERS
1

What is the validity period of i-Lestari Withdrawal?

i-Lestari Withdrawal is valid from 1 April 2020 until 31 Mac 2021.

2

How does i-Lestari Withdrawal works?

i-Lestari Withdrawal basically functions as follows:

  1. Withdrawals can only be made from Akaun 2.
  2. The number of monthly withdrawals one is entitled to is counted from date of receipt of the approved application for withdrawal, until the end of the facility’s validity period, i.e. 31 March 2021.
  3. Requested withdrawals will be credited to the member’s bank account on a monthly basis (recurring for the subsequent months)

Example:

  1. If an application is approved in April 2020, the number of monthly withdrawals one is entitled to is the maximum amount of 12 monthly withdrawals.
  2. If an application is approved in September 2020, the number of monthly withdrawals one is entitled to is 7 months.
  3. If an application is approved in March 2021, the number of monthly withdrawals one is entitled to is 1 month.
3

How can members be eligible for i-Lestari Withdrawal?

The i-Lestari Withdrawal facility is open to:

  1. Malaysian citizens, permanent residents and non-Malaysians;
  2. Age below 55; and
  3. Have savings in Akaun 2.
4

When can members start applying for i-Lestari Withdrawal?

Members can submit their applications for i-Lestari Withdrawal beginning 1 April 2020 until 31 March 2021. (However, applications must reach the EPF on or before 31 March 2021)

5

What is the amount members are allowed to withdraw under i-Lestari Withdrawal?

The permitted amount under i-Lestari Withdrawal ranges from a minimum of RM50 to a maximum of RM500 a month; subject to the amount of savings available in the member’s Akaun 2 at the time of withdrawal payment being made for the particular month.

If the total amount of savings in Akaun 2 is lesser than the amount applied for, then the amount of withdrawal for that particular month shall be whatever the remaining amount is.

6

When will payment be made to EPF members?

For withdrawal applications received in April 2020, payment will be made in May 2020.

For withdrawal applications received after April 2020, withdrawal payment will be made from the date the withdrawal application is received by the EPF.

7

Are members allowed to vary the amount of monthly withdrawal payment?

Once an application has been approved, the amount applied for is fixed. Members cannot vary their monthly withdrawal amount.

8

What are the channels to submit the i-Lestari Withdrawal application form?

A complete application form can be submitted to the EPF beginning 1 April 2020 through the following methods:

  1. Online (use e-Pengeluaran via Member’s i-Akaun)
  2. By e-mail addressed to: ilestarimohon@epf.gov.my; or
  3. By post addressed to:
    Kumpulan Wang Simpanan Pekerja, Karung Berkunci No 220, Jalan Sultan 46720, Petaling Jaya with the note (Attention to: i-Lestari) written on the front of the envelope

To ensure a faster approval process members are encouraged to submit their applications online via e-Pengeluaran.

Manual submissions sent through methods (b) and (c) will take a longer processing time.

However, withdrawal applications for non-Malaysians can be made via methods (b) and (c) only.

9

Why is the monthly payment for i-Lestari Withdrawal limited to RM500 per month and credited monthly?

The i-Lestari Withdrawal facility is intended to help ease the financial burden of by helping to meet their basic monthly financial needs during the COVID-19 pandemic.

The maximum amount of RM500 a month is a reasonable amount in addition to the Member’s income to meet basic financial needs.

10

Why is i-Lestari Withdrawal only allowed once every month?

The monthly withdrawal frequency is designed to supplement the monthly source of income to help members meet their monthly basic financial needs.

11

Why is i-Lestari Withdrawal only available for one year?

The i-Lestari Withdrawal Facility is intended as a financial relief to assist EPF members weather the impact of COVID-19 pandemic. The Government will continue to monitor development of the current situation and the necessity of this facility from time to time.