19 November, KUALA LUMPUR – The decision to allow Employees Provident Fund (EPF) withdrawals under the i-Sinar facility would benefit those in need during extremely challenging times, says Malaysian Employers Federation (MEF).
MEF president Datuk Dr Syed Hussain Syed Husman said the move is justifiable and necessary, especially for those who have lost their jobs or suffered pay cuts or reductions in their income, and thus in need of urgent interventions to ensure their survival.
“It is understood that the EPF has taken careful consideration of the implications by allowing eligible contributors to access Account 1.
“Such measures would not be allowed under normal circumstances, but considering the current circumstances, the i-Sinar facility would definitely cushion some of the impact felt by those hardest-hit by the situation,” he said in a statement today.
Syed Hussain said MEF is supportive of the efforts taken by EPF on its investment and sale of assets, and is confident that the EPF will take all necessary steps to protect its contributors.
“The EPF may need to sell some of assets under these extraordinary circumstances to ensure that there is a cash buffer to meet the needs of all the contributors, especially to prepare for the i-Sinar facility to assist contributors who are severely impacted by the COVID-19 pandemic,” he added.
On Monday, the EPF announced that the i-Sinar facility would be available to two million eligible members.
Eligible members will have access to up to 10 per cent of their savings in Account 1, subject to having a minimum balance of RM100.