30,000 have responded to EPF’s survey so far

PETALING JAYA: Some 30,000 Employees Provident Fund members have already responded to the fund’s online survey which puts forward four proposals to boost their savings.

However, the country’s largest pension fund is not releasing the breakdown of results that show which of the four proposals they preferred, just yet.

EPF deputy chief executive officer (strategy division) Tunku Alizakri Raja Muhammad Alias said it did not want the preliminary results to influence other members who have yet to take the survey.

“Members can rest assured that the results will be disclosed before the findings are presented to EPF’s board, which will decide on the next course of action,” he told The Star.

The board members include the Malaysian Trade Union Congress and the Malaysian Employers Federation.

EPF has left it to its 14 million members to decide which option they want.

Asked to comment on an unauthoritative survey conducted by The Star on Tuesday, where nearly 90% of those responded wanted the age of final withdrawal to be kept at 55, Tunku Alizakri declined.

The proposal to increase the full withdrawal age from 55 to 60 comes with two options.

The first is to increase the minimum age for full withdrawal from 55 to 60 in stages, over a 15-year period starting next year until 2031.

The second allows for full withdrawal at the age of 55 but all subsequent contributions are locked in the fund until the member retires at 60.

The option to withdraw a third of the contributions at the age of 50 stays.

The third proposal is to formalise an undertaking by EPF that it would pay dividends to members who choose to keep their money with the fund until they reach the age of 100.

This suggestion is aimed at encouraging members to keep their money with EPF longer.

The fourth proposal is to introduce syariah-compliant retirement savings to the existing retirement scheme.

The EPF members’ consultation exercise was announced on Monday and 30,000 members have responded by 1pm yesterday.

EPF is urging contributors to participate in the survey via its myEPF website (www.kwsp.gov.my) to ensure the results provide a more comprehensive and robust opinion of members.

The consultation will end on May 5.

Information on the EPF scheme enhancements can be obtained through myEPF website and the survey participation is via the i-Akaun.

Those who have yet to register for i-Akaun can obtain the activation code at any one of the 67 EPF branches nationwide, EPF kiosks or contact the EPF Call Centre at 03-8922 6000.