30th March 2020 - 3 min read
Members of the Employees Provident Fund (EPF) who wish to make withdrawals from their EPF Akaun 2 may begin to apply through the i-Lestari Withdrawal Scheme, starting from 1 April 2020 to 31 March 2021.
The scheme, which is open to all EPF members below the age of 55 with savings in Akaun 2, essentially allows them to withdraw up to RM500 per month, for a total of 12 months.
According to an FAQ released by EPF, members can submit their applications for the withdrawals via three channels:
Note that members need only to submit their applications once to have the withdrawals automatically credited to their accounts throughout the 12-month period.
The EPF also states that naturally, online applications through e-Pengeluaran will have a faster approval process compared to manual submissions through email and post. However, non-Malaysians are only allowed to apply through emails and posts.
The EPF also clarified that the permitted amount allowed under the i-Lestari Withdrawal Scheme ranges from a minimum of RM50 to a maximum of RM500 each month. That said, the figure is also subjected to the amount of savings available in the member’s Akaun 2 at the time of withdrawal payment made. Members are also not allowed to vary the amount of monthly withdrawal payment; the amount applied for is fixed once an application has been approved.
The FAQ further noted that for applications received in April 2020, monthly payments will only be made to the member’s bank account starting from May 2020 onwards. Applications received after April 2020, on the other hand, will see the monthly withdrawal payments being made from the date the withdrawal application is received. EPF members will be able to apply until 31 March 2021.
The i-Lestari Withdrawal Scheme was first announced by Prime Minister Tan Sri Muhyiddin Yassin early last week, and is intended to help more than 12 million EPF members ease their cash flow problems during the Covid-19 pandemic. The chief executive officer of EPF, Tunku Alizakri Alias, has also pledged that the organisation is placing i-Lestari as its top priority for urgent rollout.
(Source: The Star)
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