KUALA LUMPUR, April 13 — Malaysian Employers Federation (MEF) is calling for the policies on Employees Provident Fund (EPF) withdrawals to be reviewed, taking into account...
KUALA LUMPUR, April 13 — Malaysian Employers Federation is calling for the policies on Employees Provident Fund withdrawals to be reviewed, taking into account Malaysia’s current minimum retirement age of 60 years.
“In July 2013, the government raised the retirement age to 60 years but the withdrawal policy for ages 50 and 55 years remained. Such policy led to claims that the EPF contributors do not have enough retirement savings when they retire at 60,” he added. “It is critical for EPF members to rebuild their retirement savings and MEF fully supports the government’s decision not to allow further withdrawal from the EPF savings which are meant for old age,” he said.
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