News & Articles EPF: Payment for current i-Sinar applications starts Tuesday
EPF: Payment for current i-Sinar applications starts Tuesday
8 Mar 2021
KUALA LUMPUR: Applications for the i-Sinar facility in February submitted before Feb 25 will be approved in batches and payments started Tuesday (March 2), the Employees Provident Fund (EPF) said.
The EPF said in a statement this included applications awaiting approval and were previously rejected, before the improvised i-Sinar facility without criteria was implemented in February.
“Members who continue to see an unchanged application status may recheck their status on subsequent days.
“New applications reflecting the removal of the criteria will be opened beginning March 8 for all other members below the age of 55, subject to their available Account 1 balance, ” it said. It stated this included non-Malaysian EPF members.
As for new applications, they will be processed within five working days of submission, after which members may check their application status and payment date.
The retirement fund also said from March 8, members may amend their application details such as amount to be withdrawn, bank details, address, telephone number, and payment method on i-Sinar Online.
The amounts for withdrawal as well as the maximum six-month payment schedule of the amounts withdrawn are as previously stated:
* For those who have RM100,000 and below (Account 1), they have access to any withdrawal amount of up to RM10,000.
The payments will be staggered over six months with the first payment of up to RM5,000.
* For those who have above RM100,000 (Account 1), they have access of up to 10% of their Account 1 savings. However, the maximum total amount withdrawal allowed is RM60,000.
The payments will be staggered over six months with the first payment of up to RM10,000.
The EPF said in a statement this included applications awaiting approval and were previously rejected, before the improvised i-Sinar facility without criteria was implemented in February.
“Members who continue to see an unchanged application status may recheck their status on subsequent days.
“New applications reflecting the removal of the criteria will be opened beginning March 8 for all other members below the age of 55, subject to their available Account 1 balance, ” it said. It stated this included non-Malaysian EPF members.
As for new applications, they will be processed within five working days of submission, after which members may check their application status and payment date.
The retirement fund also said from March 8, members may amend their application details such as amount to be withdrawn, bank details, address, telephone number, and payment method on i-Sinar Online.
The amounts for withdrawal as well as the maximum six-month payment schedule of the amounts withdrawn are as previously stated:
* For those who have RM100,000 and below (Account 1), they have access to any withdrawal amount of up to RM10,000.
The payments will be staggered over six months with the first payment of up to RM5,000.
* For those who have above RM100,000 (Account 1), they have access of up to 10% of their Account 1 savings. However, the maximum total amount withdrawal allowed is RM60,000.
The payments will be staggered over six months with the first payment of up to RM10,000.
Source: The Star