SIMPLIFIED APPROVAL FOR i-SINAR BEGINNING 8 MARCH 2021
KUALA LUMPUR, 18 February 2021: Following the announcement by YB Minister of Finance Datuk Seri Zafrul Tengku Abdul Aziz, the Employees Provident Fund (EPF) announces that members below the age of 55 who have already applied for the i-Sinar facility will be given approval beginning 8 March 2021, including 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.
The amounts for withdrawal as well as the maximum six-month payment schedule of the amounts withdrawn, however, will remain as per below:
a. 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.
b. 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.
For further information, members may contact the i-Sinar hotline at 03-8922 4848. For general enquiries, members can contact the EPF Contact Management Centre at 03-8922 6000 or refer to the EPF website at www.kwsp.gov.my.
*Example of members’ situation:
A) Member has made an application before 8 March 2021:
Has received interim payment of RM1,000
Application status: Currently being processed
Application will be given approval and payment status may be checked begining 8 March 2021
Note: No interim payment will be made to members who have yet to receive it. Members will receive the first month’s payment.
B) Member has made an application before 8 March 2021:
Application can be made starting 8 March 2021. Application will be given approval
Balance in Account 1 is less than RM150
Member aged 55 years and above
Not eligible for the i-Sinar facility
Note: Members aged 55 years and above are eligible to withdraw any amount at any given time under the Age 55 Withdrawal.
Issued by the EPF Media Desk Corporate Affairs Department 18 February 2021
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