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PETALING JAYA: The Ministry of Finance has confirmed that the Employees Provident Fund (EPF) is working to remove all conditions for i-Sinar’s retirement facility, says its minister Tengku Datuk Seri Zafrul Tengku Aziz.
He said the decision was based on the advice of Prime Minister Tan Sri Muhyiddin Yassin for EPF to improve its initiative after taking public comment into consideration.
“This, in turn, will help Tide members overcome the current challenges of the Covid-19 pandemic,” he said in a statement on Thursday (February 11).
The Star revealed in a front page story Thursday that the i-Sinar facility will be further relaxed to give more EPF members the option to withdraw money from Account 1 to meet their living needs.
The report said that the current retirement eligibility criteria, including a 30% drop in income, were quite limited in light of the existing motion control order and its effect on the economy and the general public.
Tengku Zafrul said that the removal of the conditions will allow EPF members under the age of 55 to withdraw funds from their Account 1, subject to their existing balance.
“For members who have already applied for i-Sinar under the current criteria, their applications will be automatically approved in due course,” he said.
However, he said that the maximum amount for withdrawal from Account 1 will be maintained, as well as the maximum payment schedule of six months of the amount withdrawn.
“For those with RM100,000 or less, they can withdraw up to RM10,000.
“Payments will be staggered over a six-month period with the first payment up to RM5,000,” he said.
“For those who have more than RM100,000, they can withdraw up to 10% of their savings from Account 1.
“However, the maximum total amount that is allowed to advance is RM60,000,” said the finance minister.
He said the payments will also be staggered over a six-month period with the first payment of up to RM10,000.
“Due to changes to the system and internal processes required for i-Sinar online, it will take some time for the EPF to implement these latest updates.
“The fund will announce more details soon and the government appreciates the patience and understanding of the members while making these changes,” said Tengku Zafrul.
Members are also advised, he said, to consult the information on the EPF’s official communication channels and take into account misleading information intended to confuse or defraud members.
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