KUALA LUMPUR: Employees Provident Fund (EPF) contributors can apply for the i-Lestari withdrawal facility beginning Apr 1.
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the facility is available for EPF members up to the age of 55.
“Applications can be made from Apr 1 while withdrawals can be made from May 1 onwards.
“This initiative is expected to benefit an estimated 12 million EPF members, with an expected withdrawal amount of RM40 billion.
“This initiative is part of the government’s holistic raft of measures to assist and alleviate the challenges faced by the people in meeting their monthly commitments,” he said in a statement today.
Earlier today, Prime Minister Tan Sri Muhyiddin Yassin had announced that the facility would enable EPF contributors to withdraw a maximum amount of RM500 monthly for a period of 12 months.
Muhyiddin had said that i-Lestari withdrawal facilities is one of the many initiatives introduced by the government to lessen the burden of the people affected by the enforcement of the Movement Control Order (MCO) and the Covid-19 crisis.
In a separate statement, EPF chief executive officer Tengku Alizakri Alias said EPF contributors can register for the i-Lestari withdrawal facility by e-mail or post as well as via online registration.
“EPF members can register for the facility by email or post starting Apr 1. Members can also register for the i-Lestari withdrawal facility online beginning May 1.
“Members, however, are encourage to register for the facility online since the online registration process is faster and more accurate and that it would only take up to three days to process the application.
“Members are also encouraged to use the above methods to register for the facility and that they do not need to visit EPF offices during the enforcement of the MCO,” he said.
Alizakri added the amount withdraw under the facility would be deposited directly into the respective bank accounts of the EPF members.
“Further details on the facility will be made available soon before March 31.” he said.
Source: New Straits Times