Consultations to begin on EPF withdrawal age proposal

KUALA LUMPUR: The Employees Provident Fund will hold engagement programmes with stake­holders and members following a groundswell of objections to a proposal to raise the full withdrawal age.

In a statement, the EPF said it appreciated the feedback and views received over the past week from members following media reports on the matter.

“We would like to assure (them) that any major amendment or decision would always be in the best interest of our members and would be done only after prior consultation with all key stakeholders,” it said.

The engagement programmes will start from Monday. These will cover areas of improvement and enhancements to the EPF’s current services, according to the statement.

“The programmes will also address issues related to the inadequacy of retirement savings for the long term,” said the EPF.

The statement said the EPF was looking forward to the participation of members in the engagement programmes.

More information on the proposal and options would be made available to the public via www.kwsp.gov.my as soon as the programmes begin.

“Members will then be able to provide input and comments on the proposal and options through the secure and confidential i-Akaun platform from April 21,” the EPF said.

It has been proposed that the EPF full withdrawal age be increased from 55 to 60.

The proposal has not gone down well with many Malaysians and some politicians, who believe that it should remain at 55, or that full withdrawal at 60 should be ­optional, not mandatory.