KUALA LUMPUR – The Employees Provident Fund (EPF) said a total of RM18.1 billion has been withdrawn by 5.16 million members under its i-Lestari facility, which is among the measures rolled out last year to help those impacted by the Covid-19 pandemic.
The fund introduced the facility to aid members facing cash-flow issues following the implementation of the movement control order on March 18 last year that saw most economic sectors ordered shut.
“EPF was one of the first pension funds in the world to provide assistance to its members during the pandemic, by rolling out the hassle-free i-Lestari Account 2 withdrawal scheme to provide members with some measure of financial relief,” said chairman Tan Sri Ahmad Badri Mohd Zahir in a statement today.
Other measures include allowing members to lower their mandatory statutory contribution to 7% from 11%, effective April to December last year.
EPF also ensured that small and medium enterprises are able to sustain their costs and retain employees by offering the Employer Covid-19 Assistance Programme.
The initiative grants eligible SMEs the choice to apply for a deferment and restructuring of the employer’s share of EPF contributions, benefiting 13,090 employers and involving a cumulative value of RM84.95 million.
“To ensure the safety of our employees and members, EPF quickly adapted to the new reality of ‘low touch, high distance’ service, with the introduction of Janji Temu Online (JTO),” said Badri.
“Through JTO, EPF ensures that social-distancing measures and other SOPs are strictly observed, while the volume of visitors at our branches is limited.”
The fund’s membership base grew by 2% to 14.89 million, while the number of employers registered with it stands at 534,398.
It takes RM8.25 billion to pay out every 1% dividend for Simpanan Konvensional and RM972 million for every 1% dividend for Simpanan Shariah in 2020. – Bernama, February 27, 2021
