EPF: B40 Group Makes Up Majority Of i-Lestari Applications
Author Avatar
epf kwsp 1

(Image: The Star)

As many as 4.1 million members of the Employees Provident Fund (EPF) have applied for the i-Lestari Withdrawal Scheme, with the majority coming from the B40 income group. This has raised some concerns for the dwindling retirement funds of its members from this group.

“We are fairly worried because some of our members have already exhausted their Account 2 after two months. That’s only RM1,000 in Account 2 (RM500 per month for two months),” said the chief executive officer of EPF, Tunku Alizakri Alias. He added that RM1.94 billion has been withdrawn as of 5 June 2020.

For reference, the i-Lestari facility allows EPF members aged 55 and below to withdraw between RM50 to RM500 per month from their EPF Account 2 for 12 months (1 April 2020 to 31 March 2021). The withdrawable figure is, however, subject to the available funds in the members’ account. The EPF has begun disbursing the approved withdrawals into its members’ bank accounts from 4 May, a month after it started accepting applications from 1 April.

alizakri alias epf

That said, Tunku Alizakri commented that applications for the i-Lestari withdrawal facility are still incoming. As such, it is still too early to draw conclusions or to release further details on the profile of the applicants.

Tunku Alizakri further reminded EPF members to be prudent with their applications as the i-Lestari withdrawal scheme dips into their retirement savings. He also said that they can meet the EPF’s retirement advisory services officers for advice to plan their retirements.

(Source: The Edge Markets)

1 1 vote
Article Rating


Comments (1)

Notify of

1 Comment
Inline Feedbacks
View all comments
2 years ago

if EPF able to provide stable return range 7%-10%, this might discourage members to withdraw their fund from EPF.

Top Personal Finance News Articles
Post Image
Petrol Price Malaysia Live Updates (RON95, RON97 & Diesel)
- 15th March 2023
We provide weekly updates on every Friday at 5pm on the prices of RON95, RON97 and Diesel in Malaysia and a chart that shows the movement of fuel prices across a 6-week period. Bookmark this page now!
Post Image
Astro 4K Ultra HD Broadcast To Be Available For Subscription By The End of This Year
Brian Chung
- 14th August 2018
By the end of 2018, Astro customers will be able to watch football matches in Ultra HD. Read on to know more about the 4k Ultra HD service.
Post Image
Touch n Go RFID: What Malaysian Road Users Need To Know
Jacie Tan
- 10th August 2018
Everyone’s talking about Touch ’n Go RFID being used at Malaysian highway tolls soon – here’s what you need to know about it.
Post Image
Best High Interest Savings Accounts In Malaysia (January 2023)
Pang Tun Yau
- 11th January 2023
Make your money work for you by depositing them into the best high-interest savings accounts in Malaysia!

Related articles

Related Posts Image
Related Posts Image
Related Posts Image
Related Posts Image