{"id":45978,"date":"2021-03-09T14:43:16","date_gmt":"2021-03-09T06:43:16","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=45978"},"modified":"2021-03-09T14:44:14","modified_gmt":"2021-03-09T06:44:14","slug":"epf-i-sinar-withdrawal","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/epf-i-sinar-withdrawal","title":{"rendered":"How Does Withdrawing Money With EPF i-Sinar Work?"},"content":{"rendered":"
UPDATE<\/div>
The i-Sinar programme is now expanded<\/a> to allow more members who have lost their jobs or whose pay were affected, to withdraw their money from Account 1. All members who lost their jobs or affected by pay cuts whether they are self employed, active or non-active members are allowed to apply.<\/p>\n

Members can now withdraw up to RM10,000 if they have less than RM90,000 in Account 1.<\/p>\n

Applications will begin from mid-December 2020 and the money will be paid out starting 1 month after the application is approved.
\n<\/div><\/div>\n

Over two million Malaysians will be able to apply to withdraw funds from their Employee\u2019s Provident Fund (EPF) Account 1 from next month under the EPF i-Sinar programme<\/a>. The idea is that this will help those who have been impacted by the prolonged pandemic to make ends meet.<\/p>\n

However, it is important to note that this is not a withdrawal. EPF considers this an advance on your future retirement payments and expects you to replace the funds that you have received.<\/p>\n

If this is something that you think you may need, then here\u2019s how it works.<\/p>\n

<\/span>How much can you get?<\/span><\/h2>\n

In general, you have access to 10% of your total Account 1 savings – as long as you maintain a minimum balance of RM100. However, the actual amount is determined by how much you actually have in your account.<\/p>\n

Your advance will be staggered over a period of six months, with the first amount being credited into your bank account at the end of the month following your application. For example, if you apply for i-Sinar in December 2020, you will receive the first advance at the end of January 2021<\/p>\n

You will also have the option to front load your withdrawals by taking a bigger lump sum at the start. The amount that you can withdraw in your first month also depends on your savings. Here\u2019s an example of how it works:<\/p>\n\n\n\n\n\t\n\n\t\n\t
Savings below RM90,000<\/center><\/th>
Savings above RM90,000<\/center><\/th>\n<\/tr>\n<\/thead>\n
Maximum advance<\/td>
RM9,000<\/td>
Maximum advance<\/td>
10% of total savings
\n(up to RM60,000)<\/td>\n<\/tr>\n
First month advance<\/td>
up to RM4,000<\/td>
First month advance<\/td>
up to RM10,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

<\/span>Who is eligible?<\/span><\/h2>\n

EPF i-Sinar applies to contributors who have:<\/span><\/p>\n