Friday, July 30, 2021

EPF’s i-Sinar to allow those under 55 to withdraw from balance

The amount withdrawn will be subject to the account balance.

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The Employees Provident Fund (EPF) is in the process of lifting several conditions for the i-Sinar withdrawal facility, which among others will allow contributors under the age of 55 to withdraw from their Account 1 funds.

However, the amount withdrawn will be subject to the account balance.

Those with RM100,000 and below will be allowed to withdraw up to RM10,000, to be paid over a period of six months with the first payment amount of up to RM5,000.

Those with more than RM100,000 can withdraw up to 10% of their Account 1 savings, capped at RM60,000, to be paid over six months with the first payment amount of up to RM10,000.

Finance Minister Tengku Zafrul Aziz however said the change in the process would take some time to implement.

“The fund will announce further details soon and the government appreciates members’ patience and understanding while these changes are being made,” Zafrul said.

Under the i-Sinar initiative, EPF contributors have access to up to 10% of their savings in Account 1 as long as they have a minimum balance of RM100.

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