KUALA LUMPUR, 3 May 2020:
The crediting of approved i-Lestari withdrawals into members’ bank accounts will begin from tomorrow (May 4) until May 18, says the Employees Provident Fund (EPF).
In a statement today, EPF said members will be informed, via the i-Lestari Online facility, as soon as the fund transfer to their active bank accounts is successfully done.
It said the actual date when the money is available for withdrawal from bank accounts will be subject to the respective bank’s clearance procedures, ranging from one to three days from the date of transfer from EPF.
Chief executive officer Tunku Alizakri Alias said more than 3.51 million applications have been approved – totalling over RM1.66 billion – since the launch of i-Lestari in early April.
EPF has been working with its partner banks to ensure their systems and infrastructure are ready to receive and correctly process such huge amounts of deposits at any one time.
“As a result, it was agreed that daily transfers by batches from EPF to the respective financial institutions is the safest and best method. We anticipate the whole process will be concluded within two weeks if not sooner.”
Alizakri said EPF understands the urgent cash requirements needed to get through the current challenging times, even though the pension fund is concerned the i-Lestari withdrawals will substantially reduce members’ retirement savings.
“We hope our members have thought deeply before deciding on the amounts to be withdrawn from their Account Two as they will need to balance their present cash needs with ensuring a solid financial future.
“Once the movement control order is lifted, we urge our members to make an appointment with our Retirement Advisory Services officers who will assist to review and restructure their retirement plans.”
EPF contributors can submit their applications for i-Lestari withdrawal between 1 April 2020 until 31 March 2021. To qualify, applicants must be:
- Malaysian citizens, permanent residents and non-Malaysians;
- Aged 55 years old and below; and
- Have savings in Akaun 2.
If an approved application is received in April 2020, the number of monthly withdrawals one is entitled to is a maximum amount of 12 monthly withdrawals. Approved application received in September 2020 is entitled to only seven monthly withdrawals while that received in March 2021 gets all amount eligible in one month.
The permitted amount under i-Lestari withdrawal facility ranges from a minimum of RM50 to a maximum of RM500 a month.
– Bernama