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Anwar said the people had already been allowed to make several EPF withdrawals before, which caused their retirement amount to decline.

The MEF said there should not be any more withdrawal schemes from the EPF savings prior to its members reaching their retirement age of 60 to ensure they have adequate savings.

The COVID-related withdrawals over the past two years have had a massive impact on the savings of EPF contributors, as currently, only three per cent of contributors can afford their retirement.

"We find that many members' savings have decreased, we believe about 30 per cent of them have withdrawn almost all of their retirement money in Account 1."

Those wanting to maintain a comfortable life during old age will certainly have made the necessary financial planning for their retirement years, but with inflation and rising cost of living, they rem

many subscribers ran out of their EPF savings within three or five years after their retirement although the life span for Malaysians had increased to 75 years.

In January 2017, Shahrudin Ahmad will turn 55. Hence, he will be eligible to withdraw his savings from the Employees Provident Fund (EPF) though he has another five more years before he retires.

The Employees Provident Fund is urged to come up with better retirement plans for contributors in their retirement years.

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