The Employees Provident Fund (EPF) said that the approval for the i-Sinar for members under 55 years old will begin on March 8. The approval will include new applications received after the date, subject to the members' available balance in Account 1.
In a statement, EPF said, "The fund appreciates members' patience and understanding while these changes are being implemented, as the amendments to the i-Sinar facility announced on February 11 involve substantial changes to the system, process, and governance required for i-Sinar Online".
The amount for withdrawal and the maximum six-month payment schedule for the amount withdrawn will stay.
Those who have RM100,00 and below in Account 1 have access to any withdrawal amount of up to RM10,000. The payments will be staggered for six months, with the first payments of up to RM5,000.
Those who have above RM100,000 in Account 1 have access to up to 10% of their savings, but the maximum withdrawal amount allowed is RM60,000. The payments will also be staggered for a period of six months, with the first payment of up to RM10,000.
Members' situations and their application status. Click on the image for the larger size.
Now that i-Sinar criteria are to be removed, it will also mean that EPF will stop the interim payment of RM1,000 implemented in the previous month.
EPF advises members who have yet to make an application for the i-Sinar
and plan to apply during this transition period, to postpone their application until the updated i-Sinar comes online on March 8. This action will reduce processing time and fasten the crediting of their funds.
As of today, RM18.5 billion has been released under i-Sinar since applications opened in December 2020, serving 3.3 million members. Earlier, Finance Minister Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz said simplifying the approval process will require modifying the EPF system, requiring time.
"This will involve changes (to the system). Time is also needed to halt transactions for a short duration to enable the system to credit the dividend payment for 2020 into members' accounts pending the announcement at the end of February," he said.
Last week, Tengku Zafrul said EPF was working on removing all conditions for the i-Sinar facility on Prime Minister Tan Sri Muhyiddin Yassin's advice after considering public feedback on the initiative.
For more information, you may contact the i-Sinar hotline at 03-8922 4848. For general inquiries, you can contact the EPF Contact Management Centre at 03-8922 6000 or refer to the EPF website.
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