EPF withdrawal stays at 55, says PM Najib

KUALA LUMPUR: Members of the Employees Provident Fund (EPF) will retain their right to withdraw their money at the age of 55,  said Datuk Seri Najib Tun Razak on Thursday. 

The Prime Minister said he was aware of the concerns by the public about any future changes to the EPF.

"In just two days of the online consultation process that was recently set up, more than 50,000 Malaysians have taken part and given their views.

"It is already the largest ever public consultation carried out," he said.

Najib said the Government always listens to the views of the rakyat.

"It is clear that the vast majority of EPF members, while understanding the importance of retirement savings at the age of 60, want the right to use their retirement fund at the age of 55.

"I want to assure the rakyat that EPF members will retain their right to withdraw at the age of 55," Najib said in his keynote address at Invest Malaysia 2015 at Mandarin Oriental KL.

He said EPF would ensure that any new enhancement will only apply to new contributors if members decide to work beyond 55.

"This strikes a fair balance between the rakyat's expectation to their hard-earned money at the age of 55, while protecting them if they retire at the age of 60," he said.

Najib also announced that EPF has embarked on an initiative to offer Syariah compliant investment options for its members as of 2017.

"This will create the largest Syariah fund of its kind in the world, and will further strengthen Malaysia's position as a leading Islamic financial centre," he added.

Earlier, the Prime Minister said Malaysia's economy was set to grow between 4.5% and 5.5% this year.

He added that over the next four years, the OECD predicts the annual growth to be 5.6%.