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PETALING JAYA: Some two million taxpayers can now withdraw between RM4,000 and RM10,000 from Account 1 in the Employee Provident Fund (EPF) under i-Sinar.
They can start withdrawing the money starting next month to help them deal with the economic fallout from the Covid-19 pandemic.
“After a thorough study and evaluation, the EPF has taken the step of expanding the scope of i-Sinar to cover active members who have lost their jobs, received unpaid leave, or have no other source of income. income, “the fund said. in a statement on Monday (November 16).
The payment is expected to cost EPF around $ 14 billion.
With the i-Sinar service, eligible members will be able to start requesting withdrawals starting in December and the funds will be credited starting in January 2021.
“The first accreditation will take place in January 2021. Progress will be made in a period of six months from the first accreditation date,” said EPF.
He said that those who have RM90,000 or less in their Account 1 will have access to any amount up to RM9,000, adding that the advance amount will be staggered over a six-month period with an increased first advance of up to RM4,000.
He added that those who have more than RM90,000 in Account 1 will have access to up to 10% of their savings from Account 1.
However, he said that the maximum total amount allowed to overtake will be only RM60,000.
“The amount advanced will be staggered over a six-month period with an increased first advance of up to RM10,000,” he said.
EPF noted that members who choose to request the i-Sinar facility will have to replace the full amount.
“All future contributions will be credited 100% to Account 1 until the advanced amount is replenished. From then on, the contributions will return to 70% to Account 1 and 30% to Account 2 ”, he said.
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