Following advice from Prime Minister Tan Sri Muhyiddin Yassin, Malaysia's Employees Provident Fund (EPF) will be abolishing the conditions for the i-Sinar facility.
According to a statement by the Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz, this comes on the back of public feedback and is in hope that the move will help EPF members overcome the current challenges due to the COVID-19 pandemic.
The repeal of the conditions will enable EPF members who are less than 55 years old to make withdrawals from their Account 1 savings subject to the existing balance. Members who have applied for i-Sinar based on current criteria will soon have their application approved automatically.
The withdrawal amount from Account 1 as well as the maximum payment schedule for six months will remain as follows:
- Members with savings of RM100,000 and below can make withdrawals up to RM10,000. Payment will be made in stages within a maximum period of six months with the first payment up to a maximum amount of RM5,000.
- Members with more than RM100,000 can withdraw up to 10% of their Account 1 savings. However, the maximum withdrawal amount allowed is RM60,000. Payment will be made in stages within a maximum period of six months with the first payment up to a maximum amount of RM10,000
Tengku Zafrul, said: "Due to system and internal process changes required for i-Sinar Online, it will take the EPF some time to implement these latest updates. The fund will announce further details soon and the government appreciates members' patience and understanding while these changes are being made."
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