EPF step-up, but gaps remain

THE 13th Malaysia Plan (13MP) has proposed a hybrid model for withdrawals from the Employees Provident Fund (EPF), but that alone is insufficient to tackle the looming retirement crisis. It is a step forward but leaves key gaps unaddressed.

Ending lump-sum withdrawals is not enough to secure retirement. The hybrid model won’t solve the savings crisis for 6.3 million EPF members heading into retirement with less than RM10,000 in savings.