THE Employees Provident Fund (EPF) has approved 2.5 million from a total 3.88 million i-Sinar applications which has been open for submission under Category 1 since Dec 21 last year.
As of Jan 4, the current total approved withdrawal amounted to RM19.62 bil with the first month’s pay-out amounting to RM10.07 bil to be made in stages beginning Jan 5 (yesterday).
“The EPF notes that a majority of the remaining 1.4 million submissions which have yet to be approved falls under the criteria outlined under Category 2 which will open for submissions from Jan 11,” the retirement fund pointed out in a statement.
“Members who fall under Category 2 are advised to start preparing relevant documents such as official pay slips (which details total salaries including overtime and commissions) and/or bank statements for uploading on i-Sinar Online.”
To ensure a smooth and speedy application process, EPF reminded members to ensure that all supporting documents submitted are clear, valid, and accurately support their application. Further information can be found on isinar.kwsp.gov.my.
Commenting on the 3.88 million applications received, EPF said 701 were not approved due to various reasons such as non-matching of bank account numbers, applications made on behalf of deceased members, or members being able to make total withdrawals from Account 1 under the existing 55 years old facility.
The EPF further assures members that the fund has put in place measures to prevent irresponsible third parties or scammers from making fake submissions and posing a danger to members’ hard earned retirement savings.
“The EPF strongly advises members to avoid sharing photos or documents of their i-Sinar submissions or withdrawals on social media as this would expose them to potential scams and fraudsters,” added the retirement fund.
Taking into consideration the current COVID-19 pandemic, all applications are only done online via isinar.kwsp.gov.my, and members are not required to physically visit any of the EPF’s branches.
Applications for i-Sinar remain open until June 30. – Jan 6, 2021
