The Employees Provident Fund (EPF) announced today that nearly half of the 74,392 applications received for MBSB Bank’s Ihsan-i Account 2 Support Facility (FSA2) as of April 14 are eligible.
Chief executive officer Datuk Seri Amir Hamzah Azizan said of that number, 34,643 applications had been approved for a total sum of RM722 million.
He said the EPF expects the number of FSA2 applications to increase further, particularly with the launch of Bank Simpanan Nasional’s BSN MyRinggit Insan-i.
“We are happy to have both MBSB Bank and BSN supporting the FSA2, which we believe would help members with temporary liquidity issues to obtain cash flow through personal financing but without causing serious impact to their retirement savings,” he said in a statement today.
Members can apply for the personal financing online through MBSB Bank or BSN. Once approved, members can submit an advance notice for Age 50 or Age 55 Conditional Withdrawal to the EPF based on the approved financing amount.
“During Phase 1, eligible members who are 40 years of age or older may apply, subject to the bank’s terms and conditions.
“The withdrawal amount as applied under the Age 50 or Age 55 Conditional Withdrawal will be made to the member’s account at the bank when the member reaches the age of between 50 years and 55 years in accordance with the member’s choice of withdrawal age,” it said.
The EPF said applications will remain open for one year, allowing its members ample time to apply in advance for the Age 50 or Age 55 Conditional Withdrawal.
Members can visit https://fsa2.kwsp.gov.my/ to check their eligibility for the advance application for Age 50 or Age 55 Conditional Withdrawal and the amount they can apply for under the facility.
Additionally, frequently asked questions and corresponding answers related to the facility are available on the website for members to refer to. – BERNAMA
