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PUTRAJAYA: The Employees Provident Fund (EPF) announced the criteria for applying for i-Sinar, dividing those eligible into two distinct categories.
In category 1 are members who have not contributed to EPF for at least two consecutive months on the application or who are still working but have suffered a reduction of 30% or more in their base salary since last March.
“For this category, applicants do not need to submit supporting documents as approval is automatic and is based on internal EPF data. Members will only need to submit their application online as of December 21, ”it said in a statement.
Eligible members in this category include those working in the formal sector or in the gig economy and the self-employed, as well as those who have lost their jobs, homemakers, or have no paid leave.
The payment will start from mid-January of next year.
Members whose total income, including base salary and other benefits such as allowances and overtime, has been reduced by 30% will be included in Category 2.
As the reduction cannot be verified without the supporting documents, they are required to submit their payroll before and after the reduction in earnings, and the employer’s notification of suspension or reduction of allowances and / or overtime claims for speed up the process.
“For members who are unable to provide the aforementioned supporting documents, due consideration will be given to other relevant supporting documents, such as bank statements or written acknowledgment from the employer,” the EPF statement read.
Members who fall into this category can begin applying online on January 11 of the next year, and will be notified of their application status within two to three weeks after submission.
Payment will begin before the end of the following month, after the application is approved.
EPF said that the amount eligible for i-Sinar was subject to the member’s Account 1 balance.
Those with RM100,000 or less can withdraw any amount up to RM10,000, and the payments will be staggered over a maximum period of six months and the first payment will be up to RM5,000.
Members with more than RM100,000 can withdraw a maximum of 10% of their savings in Account 1 or up to RM60,000, whichever is less.
Payments will be staggered over a maximum period of six months and the first payment will be up to RM 10,000.
“To ensure a smooth application process, members who register with i-Akaun are encouraged to update their mobile phone number at an EPF kiosk or counter to receive the Transaction Authorization Code (TAC), as well like making sure your bank account number is active, ”said EPF.
The application for i-Sinar, which is expected to benefit up to eight million members, can be made through isinar.kwsp.gov.my.
During the presentation of the Budget 2021, the government had announced that it would allow those who had lost their jobs or had their income reduced as a result of the Covid-19 pandemic to withdraw from their EPF 1 Account.
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