EPF withrawal age remains at 55 - Najib

In addressing concerns on the changes proposed by EPF, Najib added that any new enhancement will only apply to new contributions as a way of striking a balance between the people’s expectation and protection.

“I want to assure the rakyat that EPF members will retain their right to withdraw at the age of 55.

“The EPF will ensure that any new enhancement will only apply to new contributions if members decide to work beyond the age of 55.

“This strikes a fair balance between the rakyat’s expectations to their hard-earned money at the age of 55 while protecting them if they retire at the age of 60,” said Najib in a speech delivered at the 2015 Invest Malaysia conference,here today.

EPF on April 20, offered four new initiatives to its contributors in improving its current scheme.

Contributors are then given two weeks to respond and offer their ideas on the four initiatives which include:

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