Finance Ministry: EPF To Release i-Sinar Details On 2 December

Finance Minister Tengku Zafrul Abdul Aziz said that the Employees Provident Fund (EPF) will be releasing detailed information on the i-Sinar facility on 2 December 2020. 

Finance Ministry: EPF To Release i-Sinar Details On 2 December

Finance Ministry: EPF To Release i-Sinar Details On 2 December. --image via Bernama

"The EPF will announce the details, how the cycle is, and others on Wednesday," said the minister during a program delivered by Bernama TV. The information provided then is relied upon to clear the public's present confusion over the eligibility and cycle to withdraw their contributions via the facility. 

The i-Sinar facility was first uncovered by the EPF around fourteen days prior as an alternative to Tengku Zafrul's proposition to let chosen EPF contributors make withdrawals from their EPF Akaun 1 during the tabling of Budget 2021. Under this proposition, eligible contributors will be allowed to withdraw RM500 every month, for up to RM6,000 for a year. Accordingly, the EPF counseled its partners to propose i-Sinar, which is a development facility instead of a withdrawal facility. At the end of the day, individuals who tap into it will have to replenish the sum taken out. 

During this initial announcement, the EPF likewise explained that the sum that can be withdrawn via i-Sinar will rely upon the existing equilibrium that individuals have in their Akaun 1: 

đź“ŚMembers with RM90,000 and less: Up to RM9,000 (subject to a maintaining a minimum balance of RM100)

đź“ŚMembers with RM90,000 and more: Up to 10% of Akaun 1 savings (capped at RM60,000)

Following that, Tengku Zafrul announced an update to i-Sinar in his winding up discourse of Budget 2021, saying that the facility will presently be extended to all contributors whose income is influenced by the Covid-19 pandemic. This includes individuals who faced job losses, pay cuts or reduction in allowance, unpaid leaves, or loss of income (independently employed). The facility will likewise be made available to both active and non-active EPF individuals. 

In addition, the public authority likewise consented to increase the maximum development limit for EPF individuals with RM90,000 and underneath in their Akaun 1 from RM9,000 to RM10,000. 

The EPF further clarified in a different explanation that i-Sinar will be open for application in mid-December 2020, with disbursement to begin a month after endorsement is conceded.

12/01/2020 01:44:00 PTG



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