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KUALA LUMPUR: The Employees Provident Fund (EPF) clarified that taxpayers requesting an advance from their Account 1 under i-Sinar must replace the amount with future contributions.
This replacement would be made, where 100% of the new contribution would be deposited first in Account 1, according to a statement from EPF.
Once the total amount accessed from i-Sinar has been completely replaced, the contribution distribution rate will return to normal at 70% (Account 1) and 30% (Account 2).
The statement was in response to a post on social media saying that “members must repay EPF’s i-Sinar advance.” “The message from social media” is not true, “said EPF.
EPF also said that the terms used by the media, such as “refund” and “subsequent payment”, are inaccurate and have caused confusion for many, especially EPF members who wish to request this i-Sinar facility.
The correct term is replacement. This replacement amount will only be received from future member contributions and not in cash payments from members using the i-Sinar facility, according to the statement.
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