KUALA LUMPUR: The Employees Provident Fund (EPF) approved 4.35 million applications with a cumulative withdrawal between April and June 2020 worth RM3.79bil under the i-Lestari withdrawal facility.
In a statement issued on Saturday, it said the i-Lestari was part of the series of emergency relief measures to help ease the financial burden faced by both members and employers during the Movement Control Order (MCO) period.
The EPF also received a total of 37,888 applications (up to July 3,2020) for the employer Covid-19 assistance programme (e-CAP), which allows employers to defer and restructure their share of contributions.
It said that 10,528 of the applications were approved amounting to RM70.4mil. This was on the back of an extension of the monthly deadline for employers to remit their mandatory EPF contributions for March 2020 and subsequently for the months of May to December 2020.
The EPF said in the same period, it also reduced the upfront fees charged by fund management institutions (FMIs) for 12 months ending April 30,2021, with investments made through agents reduced to a maximum of 1.5% from a maximum of 3%.
It also said no upfront fees are imposed for investments transacted through i-Invest via the EPF i-Akaun.
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