EPF Rolls Out Simplified Approval For iSinar, Starts On 8 March
But you wont get the RM1,000 advance payment tho.
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The Employees Provident Fund (EPF) has announced that members under the age of 55 who have applied for the i-Sinar assistance will be given approval starting 8 March.
This includes any new applications received after that date, which is subject to the available balance that’s in the member’s Account 1.
Based on a statement released by the fund, the total i-Sinar withdrawal as well as the maximum payment schedule for six months will remain:
a. For members with savings of RM100,000 and below in Account 1, they can withdraw up RM10,000 in total.
- Payment will be made in stages within six (6) months, with the first payment being up to RM5,000.
b. For members who have more than RM100,000 (Account 1), they have access to total withdrawals up to 10% of their Account 1 savings, capped at RM60,000.
- Payment will be made in stages within a maximum period of six (6) months with the first payment up to RM10,000.
READ MORE: i-Sinar: EPF Allows Account 1 Withdrawal Up To RM60,000. Here’s How
With the update, EPF said that the previous the interim payment of RM1,000 implemented last month will not continue.
Members who’ve never applied before and intend to apply during the transition period are advised to wait until the updated i-Sinar is launched on March 8 before applying.
They say this will shorten the time required for their application process and hasten the i-Sinar payout.
EPF has also given an example of how this works:
In case you have any more inquiries, you can contact the i-Sinar hotline at 03-8922 4848.
To date, EPF said a total of RM18.5 billion has been disbursed under the i-Sinar facility since the application opened in December 2020, benefiting 3.3 million members.
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