EPF Members Can Apply For RM500 Monthly Withdrawals Starting From 1 April 2020
Author Avatar
epf kwsp 1

(Image: The Star)

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:

  • Online (through e-Pengeluaran via member’s i-Akaun)
  • Email (addressed to [email protected])
  • Post (addressed to Kumpulan Wang Simpanan Pekerja, Karung Berkunci No 220, Jalan Sultan 46720, Petaling Jaya, with the note (Attention to: i-Lestari) written on the front of the envelope)

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.

epf_i-lestari withdrawal scheme

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.

Muhyiddin

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.

For more information, you can head on over to the full FAQ published by EPF, or check out its Facebook page for the latest information.

(Source: The Star)

3 2 votes
Article Rating

SHARE

Comments (1)

Subscribe
Notify of
1 Comment
Inline Feedbacks
View all comments
sakthi
1 year ago

what we need to emel and how to get i akaun id and password

Top Personal Finance News Articles
Top Personal Finance News Articles
Post Image
Petrol Price Malaysia Live Updates (RON95, RON97 & Diesel)
The RinggitPlus Team
- 24th November 2021
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
Shopee Introduces SPayLater, Lets Users Buy Items Now And Pay Later
Alex Cheong Pui Yin
- 18th January 2021
Shopee has introduced a new payment feature that lets its Malaysian users purchase items and pay for them […]
Post Image
Best High Interest Savings Accounts In Malaysia (October 2021)
Pang Tun Yau
- 6th October 2021
Make your money work for you by depositing them into the best high-interest savings accounts in Malaysia!
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.

Related articles

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