EPF members can make withdrawals of up to RM5,000 starting July 12, 2021.
This article was translated from i-Citra KWSP: Cara memohon dan syarat kelayakan untuk pengeluaran RM5,000 by Rebecca Hani Romeli.
The Malaysian government has announced the latest Employees’ Provident Fund (EPF) withdrawal facility, EPF i-Citra, a short-term initiative to assist its members who are affected by the current pandemic due to the Movement Control Order (MCO). This was announced by Prime Minister Tan Sri Muhyiddin Yassin during the unveiling of the new stimulus package, Pakej Perlindungan Rakyat dan Pemulihan Ekonomi (PEMULIH) with an allocation of RM4.6 billion. Through PEMULIH, financial assistance will be given to the B40 and M40 groups while a six-month bank loan moratorium will be granted to the B40, M40, T20 groups, and micro-entrepreneurs.
EPF members may start applying for this facility beginning July 15, 2021, and withdrawals can be made up to RM5,000 with a fixed monthly payment rate of RM1,000 per month, for five months (subject to savings balance in both Account 1 and 2) or a minimum payment of RM50. The first payment is expected to be credited to the member’s bank account in August 2021. Previously, the EPF has also allowed the withdrawal of Account 1 savings through the EPF i-Sinar facility and the withdrawal of Account 2 money through the EPF i-Lestari facility.
If you’re looking to withdraw your EPF money, let’s check out the application process and the applicant’s eligibility requirements.
What is EPF i-Citra
The EPF i-Citra withdrawal facility was introduced to provide temporary relief for members affected by MCO. This initiative help EPF members who face deep financial hardship have additional cash to meet their basic needs.
Who is eligible to apply for EPF i-Citra
The following are the eligibility requirements for the i-Citra application:
- EPF members aged 55 and below. This includes non -citizens and permanent residents; and;
- Have a minimum savings of RM150 in the EPF Account on the date of application
How much money can you withdraw through the EPF i-Citra facility
EPF members can make withdrawals of up to RM5,000, subject to the following conditions:
- Maximum withdrawal amount up to RM5,000
- Fixed monthly payment of RM1,000 per month, for five months subject to the savings balance
- The minimum payment is RM50
- The minimum balance of Account 1 is RM100
- The withdrawal eligibility amount is based on the member’s total savings on the date the application is processed, after deducting the next i-Sinar payment (if any)
Why do EPF members need to have a minimum Account 1 saving of RM100
A minimum of RM100 is needed to maintain EPF membership status and to qualify for relevant benefits such as the EPF death and disability benefits.
When will the EPF i-Citra open for application
Members can start applying for the EPF i-Citra withdrawal facility from 12 July 2021 until 30 September 2021. This is three days earlier than the initial withdrawal date, 15 July 2021. You can apply for the withdrawal here.
When will the EPF i-Citra payment be credited into members’ account
The first payment is expected to be credited into members’ bank accounts in August 2021 for those who apply in July.
How to check the amount of your EPF savings
EPF members can check their savings through the following mediums:
- i-Akaun online portal (Members)
- i-Akaun mobile application
- EPF kiosks (including EPF kiosks at third party premises)
For any inquiries and further information on the EPF i-Citra withdrawal facility, you can refer to the following channels:
- EPF’s official website
- Ask ELYA on the EPF’s official website
- EPF’s official social media
- i-Citra hotline at 03-8922 4848