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Published: Tuesday November 20, 2012 MYT 5:31:00 PM

EPF begins campaign to promote flexible age 55 withdrawal

KUALA LUMPUR: The Employees Provident Fund (EPF) is embarking on a advertising campaign to encourage more members to take up the "Flexible Age 55 Withdrawal".

The scheme aims to stretch members' retirement savings over a longer period given that the average life expectancy of Malaysians has increased to 75 years.

EPF General Manager for Public Relations Nik Affendi Jaafar said that as the country progressed towards developed nation status by 2020 with remarkable improvements to its socio-economic status, Malaysians are now enjoying a better life expectancy.

"Therefore, EPF members are advised to plan their retirement savings prudently in order to be financially secure in their golden years," he said in a statement. Nik Affendi urged members not to withdraw their EPF savings at age 55 in a lump sum but to withdraw via the flexible option.

"Under the Flexible Age 55 Withdrawal scheme, several options are offered to enable members better manage their retirement savings.

"Members may vary the frequency and withdrawal amounts, which include partial or monthly withdrawals, or may also request for a combination of the two," he said.

The scheme would protect members in the longer term for a consistent regular income and in the event of an emergency, members may withdraw more for their urgent need, he needed. - Bernama

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