EPF: Crediting of i-Lestari withdrawals from Monday

The retirement fund said on Sunday the members would be informed, via the i-Lestari Online facility, as soon as the funds transfer is successfully done to their active bank accounts.

KUALA LUMPUR: The Employees Provident Fund (EPF) said the crediting of approved i-Lestari withdrawals into members’ bank accounts will start on Monday, May 4 to May 18.

The retirement fund said on Sunday the members would be informed, via the i-Lestari Online facility, as soon as the funds transfer is successfully done to their active bank accounts.

“The actual date when the money will be available for withdrawal from bank accounts will be subject to the respective bank’s clearance procedures ranging from one to three days from the date of transfer from the EPF, ” it said.

Chief EPF officer Alizakri Alias said more than 3.51 million applications have been approved totaling over RM1.66 billion since the launch of i-Lestari early April.

“We have been working with our partner banks to ensure their systems and infrastructure are ready to receive and correctly process such huge amounts of deposits at any one time.

“As a result, it was agreed that daily transfers by batches from the EPF to the respective financial institutions was the safest and best method. InshaAllah, we anticipate the whole process will be concluded within two weeks if not sooner, ” he said.

Alizakri said the EPF understands the urgent cash requirements needed to get through the current challenging times even though it was are concerned the i-Lestari withdrawals will substantially reduce the members’ retirement savings.

He hoped members had thought deeply before deciding on the amounts to be withdrawn from their Account 2 as they will need to balance their present cash needs with ensuring a solid financial future.”

He also said once the MCO is lifted, it urged members to make an appointment with EPF’s retirement advisory services officers who would help to review and restructure their retirement plans.