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Friday, 04 November, 2016
 
NEWS
Saturday 11 April 2015

EPF seeks consultation on withdrawal age

Picture Ref: The Star Online

THE Employees Provident Fund (EPF) is planning to call for a public consultation as a first step towards raising the permissible age for members to withdraw their retirement savings from the current 55 years to 60 years.

“We are looking at this issue for the right policy response,” Shahril said.

In his presentation on EPF’s annual report 2014 yesterday, Shahril revealed that an alarmingly high rate of 68% of all EPF members had less than RM50,000 in their accounts upon retirement.

The EPF recommends having at least RM196,800 in basic savings, but statistics showed only 22% of active 54-year-old contributors met this minimum last year.

A basic saving figure was derived based on a monthly income of RM820 a month for 20 years until the age of 75 years. The EPF, in its annual report 2014, put the average life expectancy of 72.6 years for men and 77.2 years for women.

The minimum retirement age in Malaysia was raised to 60 years in 2013. However, the permissable age for EPF members to withdraw their savings remains at 55 years.

 Ref: The Star Online, Saturday 11 April 2015

 

 

 
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