I BELIEVE the EPF has valid reason for proposing to reduce both employee’s and employer’s contributions to the savings scheme from 11% to 5.5% and 12% to 6%, respectively, for senior citizen members.
The EPF, from my understanding, is a savings scheme for the workforce to save part of their income, and to be withdrawn when they retire at the age of 55. The question now is, if someone continues to work after the age of 55, should he continue to save with the EPF when he is supposed to withdraw all his savings from the fund?
