KUALA LUMPUR: THE current policy of allowing Employees Provident Fund (EPF)
members to withdraw their savings at the age of 55 will be maintained.
Deputy Finance Minister Datuk Donald Lim said despite calls from various
quarters to raise the withdrawal age to 60 following Parliament's passing of the
Minimum Retirement Age Bill in July, the policy would not be changed for the
time being.
"As for now, we have no plans to change the policy and the government will
not make any amendments at this point," he said in reply to Datuk Idris Harun
(BN-Tangga Batu) yesterday.
Currently, contributors are allowed to make partial EPF withdrawals at 50 and
full withdrawals of their savings upon their retirement at age 55.
Lim had said that there was a possibility that the age for full withdrawal
from the EPF by contributors would be raised to 60 years and partial withdrawal
to 55.
Lim was also reported as saying EPF was looking at providing a transition
period for contributors who have already planned to withdraw their contributions
within the next few years.
For the new withdrawal age to take effect, it would mean that the Employees
Provident Fund Act 1991 would need to be amended.
KUALA
LUMPUR: THE current policy of allowing Employees Provident Fund (EPF)
members to withdraw their savings at the age of 55 will be maintained.
Deputy Finance Minister Datuk Donald Lim said despite calls from
various quarters to raise the withdrawal age to 60 following
Parliament's passing of the Minimum Retirement Age Bill in July, the
policy would not be changed for the time being.
"As for now, we have no plans to change the policy and the government
will not make any amendments at this point," he said in reply to Datuk
Idris Harun (BN-Tangga Batu) yesterday.
Currently, contributors are allowed to make partial EPF withdrawals at
50 and full withdrawals of their savings upon their retirement at age
55.
Lim had said that there was a possibility that the age for full
withdrawal from the EPF by contributors would be raised to 60 years and
partial withdrawal to 55.
Lim was also reported as saying EPF was looking at providing a
transition period for contributors who have already planned to withdraw
their contributions within the next few years.
For the new withdrawal age to take effect, it would mean that the Employees Provident Fund Act 1991 would need to be amended.
Read more: EPF policy on withdrawal stays - General - New Straits Times http://www.nst.com.my/nation/general/epf-policy-on-withdrawal-stays-1.177276?localLinksEnabled=false#ixzz2DNn38MGr
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