Many prefer to make full withdrawal at 55 instead of 60


PETALING JAYA: Having contributed to the Employee Provident Fund (EPF) for over two decades, Sarah Lim, is not happy with proposed changes which may delay full withdrawal until age 60.

The 46-year-old general manager of a freight forwarding company wants EPF to maintain the status quo.

The mother of three from Klang said she had already planned to withdraw and use the money for her children’s education when she turns 55.

“My husband and I have also worked too long and hard. We also wanted to use the money for the honeymoon we never had,” she said.

Lim lauded EPF for attempting to get feedback from their members by an ongoing online survey.

“At least they are not making changes without getting feedback from stakeholders,” she said.

Danial Abdullah, 54, said he would make a full withdrawal next year regardless of the options proposed.

The father of two from Puchong said he had planned to use the money to settle his housing loan.

“I know EPF contributions are meant for retirement but I’m looking to be debt free,” he said.

Legal assistant R. Ramanan, 40, said he wanted the option to make a full withdrawal at 55.

“It’s my money. The government or EPF should not be deciding when I should make my withdrawal,” said the bachelor.

Human resource manager Reena Ibrahim wanted the government to maintain the existing policy.

The 45-year-old mother of five feared any changes could adversely affect her family in the future.

“I don’t know what the future holds. I want the option to make full withdrawal without having to justify it,” said Reena.

M. Susan, 35, said it should be left to contributors to decide what to do with their money.

The financial planner said it was not EPF’s job to determine how and when retirees should spend their own money.

“EPF has no right to dictate when people should withdraw their mo­­ney. It’s called employees fund for a reason. It belongs to us,” she said.

Susan said EPF’s second option to allow full withdrawal at 55 and the next withdrawal at 60 for the last five years of service is the rational choice.

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