Malaysia

EPF i-Sinar advances replenished through contributions, not repayments

Fund issues clarification with regard to Account 1 withdrawal facility

Updated 5 years ago · Published on 17 Nov 2020 11:24AM

EPF i-Sinar advances replenished through contributions, not repayments — EPF expects the i-Sinar facility to benefit two million members. – Bernama pic, November 17, 2020

KUALA LUMPUR – The Employees Provident Fund (EPF) today denied that members must repay the advanced amount under the i-Sinar withdrawal facility.

The amount advanced from Account 1 will be replenished through future contributions, it said in a statement today.

“The replenishing will be done with 100% future contributions. When this is done, the contributions will revert to 70% to Account 1 and 30% to Account 2.

“The amount to be replenished will not come from cash payments.”

EPF expects the i-Sinar facility to benefit two million members, with an estimated advance of RM14 billion to be made available. – November 17, 2020

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EPF i-Sinar advances replenished through contributions, not repayments

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