KUALA LUMPUR, 3 May 2020: The Employees Provident Fund (EPF) announced today that the crediting of approved i-Lestari Withdrawals into members’ bank accounts will begin from 4 May 2020 until 18 May 2020.
Members will be informed, via the i-Lestari Online facility, as soon as the funds transfer is successfully done to their active bank accounts. The actual date when the money will be 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.
Alizakri Alias, Chief EPF Officer, said, “Since the launch of i-Lestari at the beginning of April 2020, more than 3.51 million applications have been approved totaling over RM1.66 billion. We have been working with our 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 was the safest and best method. InshaAllah, we anticipate the whole process will be concluded within two weeks if not sooner.”
Alizakri further added, “The EPF understands the urgent cash requirements needed to get through the current challenging times even though we are concerned the i-Lestari Withdrawals will substantially reduce our members’ retirement savings. We hope our members have thought deeply before deciding on the amounts to be withdrawn from their Account 2 as they will need to balance their present cash needs with ensuring a solid financial future.”
“Once the MCO 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.”
Issued by the EPF Media Desk
Corporate Affairs Department
3 May 2020
About the Employees Provident Fund (EPF)
The Employees Provident Fund (“EPF”) is one of the oldest retirement funds in the world. Established in 1951, the EPF is a social-security organisation focused on safeguarding member savings and delivering excellent services. In recent years, in line with its vision of helping members achieve a better future, the EPF has expanded its role to encompass the creation of a comprehensive social well-being ecosystem. Today, the EPF remains steadfast in its commitment to members through consistent efforts to update and improve itself, in order to build the foundation for sustainable, holistic and equitable well-being for all Malaysians