Those covered include active members who have lost their jobs, been given no-pay leave or have no other income source and the scheme will benefit an estimated two million Malaysians, the fund said.

Contributors with less than RM90,000 in Account 1 will be able to access up to RM9,000 of their funds, provided their balance after withdrawal exceeds RM100.

They are eligible for a first month advance of up to RM4,000.

Those with more than RM90,000 will be able to take out 10% of their balance, up to RM60,000 and are eligible for a first-month advance of up to RM10,000.

Applications will be accepted from December and the withdrawals will be staggered over six months beginning in January.

Those who take advantage of the i-Sinar programme will be required to replace the advance payment, with 100% of future contributions paid into this account until the amount is replenished.

After this, funds will go back to being distributed between Account 1 (70%) and Account 2 (30%).

Account 1 is the pension fund portion of contributors’ savings.

EPF recommended that members seek financial advice through the fund’s retirement advisory services or through the Credit Counselling and Debt Management Agency to decide upon the right amount to apply for.