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Here’s How To Withdraw Money From Your EPF Account 2 For Financial Aid This Covid-19 Season

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Here's How To Withdraw Money From Your EPF For Financial Aid This Covid-19 Season - WORLD OF BUZZ 4
Source: mStar & Go Bear

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Since PM Muhyiddin announced that citizens under 55-years-old are allowed to withdraw as much as RM500 per month from their EPF savings in Account 2 for financial aid during this precarious time, many have wondered how to apply for this scheme. Malaysians can start applying starting 1st April 2020, and lucky for you, we have a simple guide for how to go about this easy process:

Here's How To Withdraw Money From Your EPF For Financial Aid This Covid-19 Season - WORLD OF BUZZ

Activate your EPF i-Account 

If you already have an online EPF account, you can skip this step. But if you don’t, you have to visit your nearest KWSP center to apply for one. But given the MCO, all EPF branches might be closed. In this scenario, you can just contact KWSP following this link to activate your EPF Account 2. Once you’ve registered for your online account, you will be sent an SMS that will contain your User ID and temporary password to log in.

Step-by-step process

  • Visit www.kwsp.gov.my and go to the “I’m a Member (i-Akaun)” section. Press the “Log in” button.

Here's How To Withdraw Money From Your EPF For Financial Aid This Covid-19 Season - WORLD OF BUZZ 1

  • Enter your User ID and temporary password that you received in the confirmation SMS. (Do take note that you have to activate your account within 30 days of receiving the SMS, or your account will expire).
  • Read the terms and conditions before clicking “Agree”
  • You should be able to change your User ID and password now. You can also choose a profile picture for recognition purposes or a secret phrase. (If you choose to not change your ID, your temporary ID will become your permanent one.)
  • Once you’re done, you will receive a notification confirming your successful registration for your online EPF account.
  • You can now log in to your i-Akaun using the new information.

 

How To Withdraw From Your Online EPF Account 2 

Here's How To Withdraw Money From Your EPF For Financial Aid This Covid-19 Season - WORLD OF BUZZ 2

As some of you may know, you can withdraw money from your Account 2 for the following reasons:

  • Health Expenditures
  • Renovation & Construction
  • Insufficient Household Income
  • Education Fees
  • Repayment of Monthly Housing Loans
  • Savings Exceed RM1 million

If your claim fits into the categories listed above, you can login to your i-Akaun, and click the withdrawal window at the top right side of the website.

 

Withdrawing From EPF Account 2 for Covid-19 Aid (i-Lestari) 

EPF members can start applying to withdraw money under the i-Lestari scheme starting 1st April 2020 and can expect to receive money in their accounts starting 1st May 2020.

Here's How To Withdraw Money From Your EPF For Financial Aid This Covid-19 Season - WORLD OF BUZZ 3

“i-Lestari will provide some relief to those financially affected during this period of uncertainty. As a retirement fund, the EPF has to strike a balance between our mandate to safeguard our members’ retirement savings and caring for their wellbeing, ” said Chief EPF Officer, Alizakri Alias, as reported by the Star.

Every citizen is advised to apply online to avoid delays in processing your application and withdrawal.

However, if you’re unable to apply online you can also apply for i-Lestari such as through emailing [email protected] or posting your physical application to the address below:

Kumpulan Wang Simpanan Pekerja
Karung Berkunci No 220,
Jalan Sultan 46720 Petaling Jaya
(Pengeluaran i-Lestari)

For more information about how to apply, visit the official KWSP website. Was this useful? Let us know in the comments below. 

 

Also read: EPF Members Can Withdraw RM500 Per Month For 12 Months Beginning 1st April 2020

EPF Members Can Make A Monthly Withdrawal Of RM500 For 12 Months Beginning 1st April 2020 - WORLD OF BUZZ

Source: SoyaCincau
Source: KWSP
Source: Lobak Merah
Source: Lobak Merah

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