Two million affected EPF members to have access to i-Sinar, says CEO

KUALA LUMPUR: The Employees Provident Fund (EPF) expects the i-Sinar facility to benefit two million eligible members, with an estimated advance amount of RM14 billion to be made available.

Chief executive officer Tunku Alizakri Raja Muhammad Alias said the EPF had widened the scope of i-Sinar to cover active members who lost their jobs, were given no-pay leave, or le with no other source of income.

Eligible members would have access to 10 per cent of their savings in Account 1 – subject to always having a minimum balance of RM100.

“For those who have RM90,000 and below in Account 1, they have access to any amount up to RM9,000.

“For those who have above RM90,000 in Account 1, they have access of up to 10 per cent of their Account 1 savings. However, the maximum total amount allowed to be advanced is RM60,000,” he told a media briefing yesterday.

He said all advances would be staggered over a period of six months, with a first month advance of up to RM4,000 for those with Account 1 savings of RM90,000 and below, and of up to RM10,000 for those having more than RM90,000 in Account 1.

Members choosing to apply for the i-Sinar facility would be required to replace the full amount advanced.

“All future contributions will be 100 per cent credited to

Account 1 until such time the amount advanced is replenished. Therea er, contributions will revert to 70 per cent to Account 1 and 30 per cent to Account 2,” he said.

Eligible members could start applying from December this year, and funds would be credited into members’ bank account by the end of the month following their i-Sinar application.

“First crediting will take place in January 2021, and it will be made over a period of six months from the first date of crediting,” said Tunku Alizakri.

This facility was aimed at providing affected members supplementary funds to survive the present crisis and ensure some future retirement savings, he said.