KUALA LUMPUR, May 19, 2015:
The proposed amendment on the withdrawal age limit for the Employee Provident Fund (EPF) members to 60 years remains a proposal that has not been finalised for implementation yet says deputy Finance Minister Datuk Chua Tee Yong.
Responding during the question and answer session at the Dewan Rakyat today, Chua said that the proposal was made by EPF after taking into account several reasons and factors which made it necessary for the proposal to be brought up.
“This is merely a proposal by EPF and it is currently being refined.
“The proposal came about after taking into account that there are contributors who face a depletion of savings from their EPF account, five years after withdrawal.
“The savings were initially meant to last for the next 20 years.
“The initiative to limit the withdrawal age to 60 years is to manage issues related to insufficient savings among EPF members in the long run .
“Based on the initial review over the proposed age limit, 94.4 % of those involved ( following a survey) called to maintain the withdrawal age at 55 years,” he said answering a question posed by Titiwangsa MP (BN) Datuk Johari Abdul Ghani.
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