CHAT groups on messaging apps are a great place to share information – but unfortunately this applies to misinformation as well.
Recently, a viral message being spread claims that those who are aged 60 and above are only allowed to make monthly withdrawals of their Employees Provident Fund (EPF) savings.
Is there any truth to this viral message?
Verdict:
FALSE
In response to a query from The Star, the EPF said there is no new rule restricting withdrawals to monthly payments for members aged 60 and above.
It said EPF members who reach the minimum retirement age in Malaysia of 55, have the flexibility to choose their preferred withdrawal method.
"This includes full withdrawal, partial withdrawal, monthly payment withdrawals or a combination of partial and monthly income withdrawals.
"However, it is important to note that regular or monthly withdrawals are widely recognised as a best practice among pension funds globally.
"This approach ensures a more stable and sustainable income during retirement, particularly in light of increasing life expectancy trends worldwide," it said.
