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KUALA LUMPUR: There are no conditions attached to the i-Sinar withdrawal request and what has been described are the criteria to ensure that the request matches the internal data of the Employee Provident Fund (EPF).
In a statement issued today in response to the media inquiry, the retirement fund said this is to ensure that it will easily and safely expedite the approval process.
“The verification process is necessary to prevent fraud and improper withdrawal of funds from i-Sinar by third parties. For members who meet the criteria, their application will be automatically approved, ”said the EPF.
He said that only confirmation of the maximum amount is required during the member’s online application, which is not difficult.
As each member’s situation is unique, he said, Category 2 provides the opportunity for the HBS to consider certain situations, such as a reduction in income, based on its supporting documents. Members just need to apply online.
On why automatic approval could not be given to those who also applied for i-Lestari, the EPF explained that the situation in the country was different when it launched i-Lestari compared to now.
“Economic activity basically stopped during those months (starting in March). Now the economy is almost back to normal and most of the employees are back to work.
“Even so, the EPF understands that the economic situation of the current members differs according to the sector or industry in which they are working, and i-Sinar will be available to help them,” he said.
For members who did not experience a 30 percent pay cut but still need cash to support their livelihood in this pandemic, the EPF said there is still scope under Category 2 to consider applications from all members affected by COVID-19.
“If you have suffered a reduction in income or salary and have the supporting documents to prove it, we recommend that you submit your application on January 11, 2021. The EPF will continue to consider your application.
“This is to ensure that the door does not close and provides an opportunity for as many members as possible to apply for i-Sinar, which is estimated at eight million,” he said.
As for why payments are staggered over the six-month period instead of being a one-time payment, the EPF said it wants to ensure that members receive assistance for as long as possible and understands that the first month is important for members cover their responsibilities and beginning of the year expenses such as children’s schooling and the like.
“As such, the tiered approach to payment is based on some criteria, including data on the current liabilities of EPF members; the need to extend the period of assistance due to the uncertainty of the COVID-19 pandemic; and balance the current cash flow and investments of the EPF, ”he said.
By shortening the processing time, the EPF said that for those in Category 1, the fund has sped up the application process through automatic approval using internal data. It is estimated that they will receive their first payment in mid-January 2021.
Regarding Category 2, the EPF estimated that the processing time is between two and three weeks from the date of application, to allow verification of the document and consideration on a case-by-case basis.
Members are expected to receive their first payment at the end of February.
Members must apply online and the EPF reminds them that before doing so, they must ensure that their i-Akaun is active, that their phone number is up to date to receive the TAC number (at the EPF counter or kiosk) and that your bank account number is active. – Bernama
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