EPF approves RM19.62 billion worth i-Sinar applications

The Employees Provident Fund (EPF) has approved 2.5 million out of 3.88 million applications for i-Sinar under Category 1, involving withdrawals totalling RM19.62 billion as of January 4.

According to EPF, the payment of RM10.07 billion for the first month will be rendered in stages from January 5.

“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 January 11,” said EPF in a statement.

Members who fall under Category 2 are advised to start preparing relevant documents such as official payslips (which details total salaries including overtime and commissions) and/or bank statements for uploading on i-Sinar online.”

EPF reported that 701 applications had not been accepted for various reasons, such as non-matching bank account numbers, applications made on behalf of deceased members, or members being able to make total withdrawals from Account 1 under the current 55-year-old facility.

Measures to prevent irresponsible third parties or scammers from making fake submissions and posing a danger to members’ hard-earned retirement savings have been assured by EPF.

Notably, EPF also strongly advised its 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.

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