EPF members can withdraw up to RM60,000: Are you eligible?
Astro Awani
17 November 2020
WHAT YOU NEED TO KNOW?
The EPF has announced a scheme called i-Sinar that will allow members to withdraw funds from Account 1 that is usually only accessible once members turn 55 years.
The facility is expected to benefit two million eligible members, with a total estimated value of RM14 billion to be made available.
i- Sinar is an extension of the i-Lestari withdrawal facility that will end in March 2021.
WHO IS ELIGIBLE?
i-Sinar is eligible for members who have lost their jobs, given no-pay leave, or have no other source of income during the COVID-19 pandemic.
i-Sinar is eligible for members who have lost their jobs, given no-pay leave, or have no other source of income during the COVID-19 pandemic.
This facility will enable eligible members to have access to 10 per cent of their savings in Account 1.
However, it is subject to having a minimum balance of RM100.
SCENARIO A: IF you have RM90,000 and below (Account 1)
You have access to any amount up to RM9,000.
You will receive an advance of up to RM4,000 and the balance will be divided over the next five months.
You will receive an advance of up to RM4,000 and the balance will be divided over the next five months.
SCENARIO A: IF you have RM90,000 and above (Account 1)
You have access up to 10 per cent of your Account 1 savings.
You have access up to 10 per cent of your Account 1 savings.
The maximum allowed to be advanced is RM60,000
Your first advance is up to RM10,000 and the balance will be divided over the next five months.
i-Sinar IS NOT A WITHDRAWAL
Members who take up the facility are required to replace the full amount advanced.
Future contributions will be 100 per cent credited to Account 1 until the amount advanced is replenished.
Thereafter, contributions will revert to 70 per cent to Account 1 and 30 per cent to Account 2.
Members who take up the facility are required to replace the full amount advanced.
Future contributions will be 100 per cent credited to Account 1 until the amount advanced is replenished.
Thereafter, contributions will revert to 70 per cent to Account 1 and 30 per cent to Account 2.
WHEN CAN YOU APPLY?
Eligible members can start applying from December 2020.
Funds will be credited into members’ bank accounts by the end of the month following their i-Sinar application. First crediting will take place in January 2021.
Advances will be made over a period of six months from the first date of crediting.
Eligible members can start applying from December 2020.
Funds will be credited into members’ bank accounts by the end of the month following their i-Sinar application. First crediting will take place in January 2021.
Advances will be made over a period of six months from the first date of crediting.
Source: Astro Awani
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