KUALA LUMPUR: The practice of lump sum retirement withdrawals may jeopardise long-term financial security and increase the risk of retirees outliving their savings, said Employees Provident Fund (EPF) chief executive officer Ahmad Zulqarnain Onn.
He said that only a small proportion of EPF members currently meet the basic savings threshold, while over 58 per cent of working-age Malaysians are not contributing to any formal retirement scheme.
