• Home
  • About Us
  • Guides

    Savings Calculator to calculate savings goals and basic savings projections

    Planning & Budgeting

    Investment Returns Calculator to calculate investment returns, investment comparisons and investment portfolio simulator

    Saving & Investing

    Guides to tackle financial debts in Malaysia for Free

    Tackling Debt

    Free Guides on Choosing and purchasing a vehicle in Malaysia

    Buying a Vehicle

    Free Guides on Purchasing a Home in Malaysia and avoiding crippling debt

    Buying a Home

    Free Guides On purchasing insurance in Malaysia safely

    Insurance

    Free guides to ensure a comfortable Retirement by planning your retirement

    Retirement

    All Guides Icon

    All Guides

  • Guides
    • Planning & Budgeting
    • Saving & Investing
    • Buying a Home
    • Buying a Vehicle
    • Tackling Debt
    • Insurance
    • Retirement
  • Calculators
  • Blog
  • Take Quiz
    • English
    • Bahasa Malaysia
    Have any questions?
    hello@multiply.org.my
    RegisterLogin
    MultiplyMultiply
    • Home
    • About Us
    • Guides

      Savings Calculator to calculate savings goals and basic savings projections

      Planning & Budgeting

      Investment Returns Calculator to calculate investment returns, investment comparisons and investment portfolio simulator

      Saving & Investing

      Guides to tackle financial debts in Malaysia for Free

      Tackling Debt

      Free Guides on Choosing and purchasing a vehicle in Malaysia

      Buying a Vehicle

      Free Guides on Purchasing a Home in Malaysia and avoiding crippling debt

      Buying a Home

      Free Guides On purchasing insurance in Malaysia safely

      Insurance

      Free guides to ensure a comfortable Retirement by planning your retirement

      Retirement

      All Guides Icon

      All Guides

    • Guides
      • Planning & Budgeting
      • Saving & Investing
      • Buying a Home
      • Buying a Vehicle
      • Tackling Debt
      • Insurance
      • Retirement
    • Calculators
    • Blog
    • Take Quiz

      Planning & Budgeting

      What You Need to Know About EPF Account 1 Withdrawals

      • Posted by Multiply
      • Categories Planning & Budgeting
      • Date December 3, 2020
      What You Need to Know About EPF Account 1 Withdrawals 1 - Multiply - Planning & Budgeting

      EPF has given more details about the Account 1 withdrawal scheme, known as i-Sinar, which was allowed under Budget 2021.  

      Who can use i-Sinar?
      EPF has identified two categories of account holders who can withdraw under i-Sinar.

      Category 1 Category 2
      Formal workers, self-employed workers, gig workers, those who have lost their jobs or been given unpaid leave and housewives who:

       

      • haven’t contributed to EPF for at least 2 months back-to-back when applying for i-Sinar;

       

      Or

       

      • Those who are still working but have taken a pay cut of 30% or more of their base salary at any time after 1 March 2020. 
      Members who have had a cut of 30% or more in their total income, including base salary and other benefits such as allowances and overtime from 1 March 2020 onwards.

      How much can you withdraw?
      There are two withdrawal limits under i-Sinar. 

      1. If you have RM100,000 or less in Account 1, you can take out up to RM10,000, but you’ll have to leave at least RM100 in your account. 
      2. If you have more than RM100,000 in Account 1, you can withdraw up to 10% or RM60,000, whichever is lower.

      Depending on the amount you take out, i-Sinar payments will be made in instalments over six months. For accounts with RM100,000 or less, you can get a maximum of RM5,000 in the first month.
      For accounts with more than RM100,000, you can get up to RM10,000 in the first month.

      How do you apply?

      Category 1 Category 2
      • You can apply  online at isinar.kwsp.gov.my from 21 Dec 2020.
      • You don’t need to provide any documents. 
      • Approval will be automatic based on EPF’s data. 
      • You can apply  online at isinar.kwsp.gov.my from 11 Jan 2020.
      • You’ll need to provide: 
        • Salary slips before and after your paycut; and
        • A notice from your employer on the suspension or reduction of allowances and/or overtime claims. (If you can’t provide these documents, you can submit other relevant documents like your bank statements or a letter from your employer). 
      • EPF will let you know the results of your application within 2-3 weeks of your application.

       

      When can you get i-Sinar payments?

      Category 1 Category 2
      • Starting from the middle of January 2021.
      • After your application is approved, payment will made by the end of the following month.

       

      Think carefully before you withdraw!
      EPF said earlier that if you take out savings from your Account 1 under i-Sinar, you’ll have to put it back later. 

      EPF hasn’t given details for how and when you need to replace your savings, or what will happen if you can’t or don’t put it back. But remember, your EPF savings are for your retirement. So, think carefully about withdrawing, especially since you also have to think about replacing it.
      One option is for you to take out the minimum amount you’d need to cover your monthly expenses. This way, you’ll minimise the amount of money you’ll have to put back. 

      EPF has also reminded account holders that they should talk to its Retirement Advisory Services and/or the Credit Counselling and Debt Management Agency (AKPK) to decide how much money they should take out under i-Sinar. 

      Since your EPF savings are for you to live on when you retire, you’ll need to balance between taking out what you need now and what you need in the future.
      And remember, you’ll have to replace all of the money you withdraw. If you’ve lost your job or are getting less income, it may be hard for you to plan for putting your savings back. 

      So, you have to be careful about the amount you take out to avoid problems later. 

      And no matter what your situation is, it’s always good to make a budget and follow it, to make sure you use your money wisely. You can also read our guide to learn more about retirement planning. 

      Tag:Planning & Budgeting

      Share with:


      Admin bar avatar
      Multiply
      The Multiply Admin

      Previous post

      5 Tips to Plan Your End-of-Year Shopping
      December 3, 2020

      Next post

      Changing Your EPF Contribution: How Does It Affect You?
      December 4, 2020

      You May like

      ENG Budget Visuals 1
      Ready for Malaysia’s Budget 2023?
      22 February, 2023
      where-can-i-get-help-if-i-am-struggling-financially
      Where can I get help if I’m struggling financially?
      13 February, 2023
      Carousel – Budgeting 1-01
      Want to grow your savings?
      1 December, 2022

      Search

      Latest Posts

      Ready for Malaysia's Budget 2023? 3 - Multiply - Planning & Budgeting
      Ready for Malaysia’s Budget 2023?
      22Feb2023
      Where can I get help if I'm struggling financially? 5 - Multiply - Blog, Planning & Budgeting, Saving & Investing
      Where can I get help if I’m struggling financially?
      13Feb2023
      Want to grow your savings? 7 - Multiply - Planning & Budgeting
      Want to grow your savings?
      01Dec2022

      GUIDE CATEGORIES

      • Planning & Budgeting
      • Saving & Investing
        • ETFs
        • Unit Trust
        • Stocks
        • Investing Basics
        • Fixed Deposits
        • Savings
      • Tackling Debt
      • Buying a Vehicle
      • Buying a Home
      • Insurance
      • Retirement

      STAGE OF LIFE

      • Student
      • Families
      • Working Adults
      • Retirees

      Latest Guides

      5 Things To Check Before Investing in A Company’s Shares

      5 Things To Check Before Investing in A Company’s Shares

      Free
      What you need to know about ‘Buy Now, Pay Later’ plans

      What you need to know about ‘Buy Now, Pay Later’ plans

      Free
      What Do You Need to Know About E-Wallets?

      What Do You Need to Know About E-Wallets?

      Free

      Don't miss out, join our mailing list

      newsletter-subscribe-multiply

      logo-multiply-learn-investing-for-free

      hello@multiply.org.my

      Information

      • Home
      • Blog
      • About
      • Contact

      Categories

      • Planning & Budgeting
      • Saving & Investing
      • Tackling Debt
      • Buying a Vehicle

      Categories

      • Buying a Home
      • Insurance
      • Retirement
      • All Guides

      Instagram Feed

      Ready to simplify your finances and achieve financ Ready to simplify your finances and achieve financial independence? 🔥💰 Swipe to learn more about the FIRE concept as part of our Multiply Simplifies series. Discover how you can retire early and live the life you want by following these simple steps.#FIRE #retirement #multiplysimplifies #financialfreedom #financialindependence #financemadesimple #financialliteracy #financialeducation #multiplymalaysia #malaysia
      EPF savings will always be enough for my retiremen EPF savings will always be enough for my retirement - do you think this is a fact or a myth? 🤔Check out our reel to find out the answer, and the recommended retirement savings amount you should have! 🏦#mythbusters #mythbusting #mythbustingmonday #retirement #retirementplanning #retirementsavings #retire #epf #kwsp #personalfinance #malaysia #financialliteracy
      Money talk made simple! 🤑 Introducing Multiply Money talk made simple! 🤑 Introducing Multiply Simplifies - your one-stop destination for all things finance! 💰💸 From budgeting to savings, we've got you covered. Today its about EPF, also known as KWSP (Kumpulan Wang Simpanan Pekerja).Follow us for weekly bite-sized explanations that make financial concepts & elements easy to understand. #multiplysimplifies #financemadesimple #moneytalk #financialliteracy #financialeducation #kewangan #financemalaysia #epf #kwsp #personalfinance #multiplymalaysia #malaysia
      Anda rasa simpanan persaraan penting atau tak untu Anda rasa simpanan persaraan penting atau tak untuk suri rumah? 🤔 Tonton reel ini, biar kami jelaskan, dan beritahu pendapat anda di ruangan komen di bawah!👇#mythbustingmonday #multiplymalaysia #celikkewangan #pendidikankewangan #surirumah #wanitaperlutahu #duit #kewangan #wanita #isayang #kwsp

      Multiply by Creador Foundation.

      • Privacy
      • Terms
      • Sitemap

      Facebook Google

      Login with your site account

      one × 4 =

      Lost your password?

      Not a member yet? Register now

      Register a new account

      3 × 4 =

      Are you a member? Login now

      Language :

      • English
      • Bahasa Malaysia

      What's your spending style?

      Managing our spending can be tricky business. So tell us how you spend your money and we'll help you figure out how to make the most of it!

      1. How do you earn money?
      2. How were you managing your finances before COVID-19 hit?
      3. How has COVID-19 affected your spending overall?
      4. How did the movement controls (MCO/CMCO) affect your credit card spending?
      5. If you received Bantuan Prihatin Nasional (BPN) assistance, how did you use it?
      6. If you're taking money from your EPF account during the MCO/CMCO (under i-Lestari), how are you using it?
      7. The loan moratorium was helpful for me because:
      8. The holiday season is just around the corner. What do you have planned for year-end shopping?
      9. Have you planned your budget for 2021?
      10. How are you preparing financially for 2021?
      11. How do you think you'll manage your money in 2021?
      12. What do you think you need most to improve your finances in 2021?
      13. In 2021, my top financial goal is to:
      14. In 2021, my biggest financial worry is:
      15. In 2021, which areas of personal finance would you like to learn more about?
      clock.png

      Time is Up!

      Language :

      • English
      • Bahasa Malaysia

      Take our quizzes!



      What’s your finance personality?

      Latest


      What’s your spending style?

      Language :

      • English
      • Bahasa Malaysia

      Whats Your Finance Personality?

      Find out if you’re a Money Boss, Finance Cadet or a Finance Newbie by taking this quiz!

      1. It's the end of the month, you are thinking...
      2. Say you want to go shopping for fun, do you...
      3. So you crashed your car and it's going to cost RM1,000 to fix, you
      4. Your credit card statement is in and your reaction is
      5. After months of saving (see "sikit -sikit, lama-lama jadi bukit" really is true), you've got cash sitting in the bank. You then
      6. You're buying a new car (yes, imagine away - Toyota, Proton, or BMW). You take
      7. You are thinking of investing. What do you do...
      clock.png

      Time is Up!