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With the Malaysian economy shrinking due to the Covid-19 pandemic, Prime Minister Tan Sri Muhyiddin Yassin announced that Employees Provident Fund (EPF) account holders can now make a maximum of RM500 monthly withdrawals to ease their financial burden.
The initiative known as i-Lestari is available from 1st April onwards, and hereâ€™s some important details you should know.
The i-Lestari Withdrawal facility is open to:
- Malaysian citizens, permanent residents and non-Malaysians
- Age below 55
- Have savings in Akaun 2
EPF members can submit their applications from 1st April 2020 until 31 March 2021, with the caveat that the applications must reach EPF by or before 31st March 2021.
Applications can be submitted via:
- Online (use e-Pengeluaran via Memberâ€™s i-Akaun)
- E-mail to email@example.com
- Post with the note (Attention to: i-Lestari) written on the front of the envelope addressed to:
Kumpulan Wang Simpanan Pekerja, Karung Berkunci No 220, Jalan Sultan 46720, Petaling Jaya
EPF points out that the approval process for online applications is the fastest, as the processing time for manual submissions is longer.
For non-Malaysians, the application can only be submitted manually.
Via this initiative, each member can withdraw anywhere from RM50 to RM500 per month from April 2020 to 31st March 2021.
Once the application is approved, the requested withdrawals will be credited monthly into your registered bank account. The monthly withdrawal amount is fixed and cannot be changed.
If your Account 2 runs out of money before 31st March 2021, then the amount credited will be whateverâ€™s remaining in it.
Do note that withdrawals can only be made AFTER the application has been approved.
This means that if your application is approved in April, you can withdraw your money from April 2020 until March 2021 for a full 12 months. But if your application is approved in August 2020, you can only withdraw for 8 months until 31st March 2021.
However, the EPF FAQ page states that for withdrawal applications received in April 2020, payment will only be made in May 2020.
If you need more information, you can visit the i-Lestari FAQ page (HERE).
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