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Unemployed EPF Members, Housewives & Those With Income Reduced By 30% Eligible For i-Sinar

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Source: The Sun Daily & Freepik

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The i-Sinar facility under the Employees Provident Fund (EPF) is now open and is said to benefit housewives, those who have lost their jobs, and employees who have suffered a pay cut of 30% or higher.

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Yesterday, EPF took to their website to announce the eligibility criteria for those who qualify for the facility, which is now open to eight million account holders. Eligible members are divided into two categories:

 

Unemployed, Gig economy, Pay cuts and housewives

The first category consists of EPF members who are workers in the formal sector, those who are self-employed, and workers in the gig economy who have not contributed to their EPF for a period of time. Those who qualify under this category also include those who have lost their jobs, those who were given no pay leaves, and housewives.

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These members qualify for the i-Sinar facility if they have not contributed to their EPF for at least two consecutive months or have suffered pay cuts of their base salary by 30% and above since March of this year.

Those eligible for this category do not have to provide any supporting documents as their approval is processed based on EPF’s internal data. They only need to apply online following this link starting 21 December to and payment will be distributed by January next year.

 

Total income & benefits reduced by 30% and above

The other category of members who are eligible for i-Sinar consists of EPF members whose total income, including benefits like allowances and overtime pay, have been reduced by 30% and above since 1 March 2020.

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For this batch of applicants, supporting documents are necessary and EPF will have to verify your application through the provision of:

  • Your payslip before and after your income was reduced
  • Your employer’s suspension or reduction of allowances/overtime pay

But if you don’t have these documents, EPF will still consider your application if you can provide a bank statement or your employer’s written acknowledgement. However, seeing as consideration is being given for certain members, the application status of those who apply will only be notified two or three weeks after they submit their application and payment will take place before the end of the following month once the application is approved.

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Members under this second category can start applying via this link starting 11 January next year.

To expedite the process and ensure you get approval for the facility as soon as possible, EPF advises its eligible members to register for i-Akaun, update their phone numbers to receive the TAC at EPF kiosks and ensure their bank account numbers are active.

 

How much can I withdraw?

If you’re wondering how much you can withdraw under the i-Sinar facility, EPF says this is strictly subjected to your Account 1 balance.

RM100,000 and below in Account 1 

  • Can withdraw any amount up to RM10,000.
  • Payments will be staggered over a maximum period of 6 months with first payment of up to RM5,000.

RM100,000 and above in Account 1 

  • Can withdraw a maximum of 10% of Account 1 savings or up to RM60,000 (whichever amount is lower).
  • Payments staggered over a maximum period of six months with first payment of up to RM10,000.

For more information, visit EPF’s website for clarification or further details.

 

Also read: EPF Account 1 Withdrawal Applications Can Be Made In December

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Source: Free Pik
Source: Forbes
Source: Harian Metro


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