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The Employees Provident Fund (EPF) Board said its review of withdrawal options is not due to funding constraints as it enjoys a healthy asset growth of RM20bil a year, board chairman Tan Sri Abdul Halim Ali said.
The Employees Provident Fund said yesterday that any change to the EPF Act and its policies will have to be tabled by a Board Committee which has been set up for the purpose.
Contributors to the Employees Provident Fund said it should be left to them to decide how they want to withdraw their EPF savings.
Employees Provident Fund contributors will not be allowed to withdraw their savings in a lump sum on reaching the age of 55 under a proposal being worked out by the organisation.
The MTUC will support any move by the EPF which will bring back the original purpose of the creation of the fund, namely, to ensure adequate savings for retired people to live comfortably.
A forum on 'Anti-Terrorism Laws and National Security' will be held at the Bar Council auditorium in Jalan Leboh Pasar in Kuala Lumpur at 7.30pm today.
The Human Resources Ministry lambasted both factions of the National Union of Bank Employees (NUBE) for blaming the ministry for failing to solve its internal crisis and challenged them to solve it as gentlemen.
The call for the private sector to emulate the Government's 'golden handshake' retirement benefits has drawn contrasting responses from unions and employers, with the two parties adopting opposing stands.
Prime Minister Datuk Seri Abdullah Ahmad Badawi told Malaysians not to 'work for him' but to work alongside him for the country. Abdullah, who returned to Penang as the country's fifth premier, also urged the people to continue supporting Barisan Nasional.
The 28,000 members of the National Union of Bank Employees (NUBE) and other trade unions must pressure opposing factions in the NUBE to call for fresh elections, said Human Resources Minister Datuk Dr Fong Chan Onn.