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Malaysia EPF withdrawal age

No intention to raise EPF withdrawal age to 60



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Malaysia’s Employees Provident Fund (EPF) has put to rest all rumours around raising the age for full EPF withdrawal to 60 years, in its latest statement.

Currently, the age for full withdrawal of the EPF amount stands at 55 years. However, last year in July 2013, the government’s Minimum Retirement Age Bill 2012, came into force, which raised the minimum retirement age from 55 to 60 for private sector employees.

Responding to media reports that the age for full withdrawal for the EPF also be raised from 55 to 60, Malaysia’s EPF issued a statement denying this, for the time being.

Following media reports on the suggestion to extend the full withdrawal to age 60, the EPF would like to clarify that ideally, the age for full withdrawal needs to be harmonised with the minimum retirement age, as EPF savings are meant for retirement,” it said.

At the same time, the EPF authority said it is “studying the matter from every aspect thoroughly, including obtaining input and feedback from our stakeholders and members.”

“Hence, at this point in time, age 55 withdrawal remains unchanged.”

RELATED READ: 53% of Malaysians worried about retirement

Image: Shutterstock



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