EPF offers four choices, seeks feedback from contributors

The Employees Provident Fund (EPF) is now offering four new initiatives to its contributors in improving its current scheme.

Its chief executive officer Datuk Shahril Ridza Ridzuan said all EPF contributors are now given two weeks to respond and offer their ideas on the four initiatives offered.

The four initiatives are to address the issues of lack of adequate retirement funds among the contributors.

READ:EPF to start consultations on full withdrawal age

The initiatives are:

1. Adjust the current full withdrawal age of 55 to 60 to go along with the government’s minimum age of retirement.

2. Maintain the current age for full withdrawal at 55.

3. Extend dividend payments for contributors who choose to maintain their money in the fund, from age 75 to 100

4. Introduce a Syariah-compliant retirement savings plan

Shahril Ridza said the EPF will engage in consultation with contributors and other stake holders on its four initiatives.

“This is the best platform for members to understand the issue and challenges in regards to their retirement,” he said at a media briefing at its headquarters today.

More information on the proposals will be uploaded on the myEPF website www.kwsp.goc.my tomorrow.