All EPF members can make i-Sinar withdrawals from Account 1 soon

 

All Employees Provident Fund contributors will soon be able to make withdrawals from their Account 1 under the i-Sinar facility.

Finance Minister Tengku Zafrul Abdul Aziz said various conditions barring such withdrawals are being removed on the advice of Prime Minister Muhyiddin Yassin after taking into consideration public feedback.

Under i-Sinar, contributors who have less than RM100,000 in their Account 1 can withdraw up to RM10,000 staggered over six months with the first withdrawal being for RM5,000.

Meanwhile, those who have more than RM100,000 saved up can withdraw up to 10 percent of their Account 1 balance to a maximum of RM60,000.

This, too, will be staggered over six months with the first withdrawal capped at RM10,000.

Zafrul said it will take some time to implement the update.

As for those who have previously applied for i-Sinar, their applications will be automatically approved soon.

Previously, i-Sinar was only available to contributors who had lost their jobs or had their income reduced by at least 30 percent by the Covid-19 pandemic.

Expanding the i-Sinar safety net had been one of the key demands from Muhyiddin's reluctant Perikatan Nasional partners in Umno. - Mkini