PETALING JAYA: The Employees Provident Fund (EPF) has clarified that no amendments had been made to its i-Sinar scheme, which allows contributors to make a one-off withdrawal, following requests for conditions to be removed.
In a statement responding to various media reports, the EPF said requests and suggestions would be recommended to the board of directors for approval. Any matter involving a major policy issue would be raised with the finance ministry.
Several Umno leaders, including former prime minister Najib Razak have called for some of the conditions in the i-Sinar scheme to be removed.
The EPF said tonight that eight million eligible EPF members would receive automatic approval, without being required to provide supporting documents, to make withdrawals from their Account 1 pension fund.
Two categories of contributors are eligible to withdraw RM10,000 each from Account 1.
Category I comprises workers in the formal sector; self-employed; workers in the informal economy; members who have not contributed for a long time; who have lost their jobs; housewives or members given notice of unpaid leave.
The EPF said tonight a “substantial portion” of the fund’s eight million members eligible are in Category 1.
Members must not have made contributions to EPF for at least two consecutive months at the time of application; or members who are still working but have suffered a basic pay cut of at least 30% after March.
For this category, no supporting documents are required and approval is automatic.
Category II is for members who are still working but have suffered an overall drop of at least 30% in income, including salary and allowance cut, or cut in overtime claims, after March. - FMT
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