Epf Malaysia Announces i-Sinar to Benefits 2 Millions Affected Epf Members
The announcement in Budget 2021 sparked hot debates whether Malaysians should be allowed to dip into their hard-earned retirement savings in the current tough economic environment and some quarters pointed out that the need for Malaysians to tap on the epf malaysia saving in Account 1 through i-Sinar highlights the lack of a social safety net in place for critical times like the current economic scenario.
After a thorough study and assessment, the EPF Malaysia has taken the step to widen the scope of i-Sinar to cover active members who have lost their jobs, given no-pay leave, or have no other source of income. i-Sinar will now benefit 2 million eligible epf members and result in a total estimated value of RM14 billion to be made available.
Who Eligible to Apply i-Sinar Epf Malaysia?
Eligible epf malaysia members can start applying from December 2020. Funds will be credited into members’ bank accounts by the end of the month following their i-Sinar application. First crediting will take place in January 2021. Advances will be made over a period of six months from the first date of crediting. Epf Malaysia Members will have access to 10% of their savings as long as they have a minimum balance of RM100 in Account 1 at all times.
Epf Account 1: RM90,000 and below
For those with Epf malaysia Account 1 balance of RM90,000 and below, you are eligible to get any amount up to a maximum of RM9,000. The advance amount will be disbursed across 6 months and you’ll get up to RM4,000 in the first month.
In the example provided, if you have RM10,000 or RM70,000 in Epf Malaysia Account 1, you can get an advance up to RM9,000. However, if you have just RM4,500 in Account 1, you are only eligible to get a total advance of RM4,400.
Epf Account 1: More than RM90,000
For those with Account 1 savings of more than RM90,000, you are eligible to take up to a maximum of RM60,000. The advance amount is also staggered over 6 months but you are eligible to receive up to RM10,000 in the first month payout.
If you have RM100,000 in Account 1, you can apply for an advance of RM10,000 and those with RM500,000, can get up to RM50,000 advance. If you have RM600,000 or higher in Account 1, you are only allowed to get a maximum advance of RM60,000.
How to Apply i-Sinar Epf Malaysia?
Eligible epf malaysia members can start applying from December 2020. Funds will be credited into members’ bank accounts by the end of the month following their i-Sinar application. First crediting will take place in January 2021. Advances will be made over a period of six (6) months from the first date of crediting.
Applications can be made through the EPF Malaysia i-Account, so make sure you already have an EPF Malaysia i-Account.
Step 1: Check in using your registered User ID and password.
Step 2: Click on the PRODUCTION icon at the top of the website to enter the e-Withdrawal section.
Step 3: Click NEW APPLICATION and select i-SINAR production type.
Step 4: Fill in the relevant information and submit.
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