EPF i-Sinar Account 1 offers advances to eligible members

KUALA LUMPUR (Nov 16): The Employees Provident Fund (EPF) has announced a scheme called i-Sinar, which will permit eligible members to take an advance from their respective Accounts 1. The scheme is expected to benefit two million members.

The facility will be open for application starting next month (December).

According to EPF chief executive officer Tunku Alizakri Alias, the advance will be credited into members' bank accounts by the end of next month, once applications are received.

However, Tunku Alizakri emphasised that this facility is not a "withdrawal" but rather an "advance", pointing out that eligible members will need to replenish the amount withdrawn.

Generally, eligible members will have access to 10% of their savings in Account 1, subject to having a minimum balance of RM100.

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