The private sector Minimum Retirement Age Bill 2012 was passed by the Dewan Rakyat Wednesday (today). The retirement age for private sector is now 60 from 55 years of age.
Social Security Organisation (Socso) members aged 55 and above would be eligible for invalidity pension, in line with the minimum retirement age of 60 from next year onwards.
As to the EPF withdrawal for people reaching 55 years, the Government will not make any amendment at this point in time to EPF withdrawal at age 55 even though the retirement age for private sector employees is extended to 60 years old. Refer to letter below from General Manager, Public Relations of the Employee Provident Fund.
THE Employees Provident Fund (EPF) refers to the letter titled “Let EPF contributors withdraw all funds at 55” (The Star, June 26).
The EPF is a retirement savings scheme designed for employees to ensure that they have sufficient savings for their old age. To ensure that each employee who retires at the age of 60 has enough funds to sustain them during their retirement years, certain provisions in the EPF Act 1991 and related regulations should be amended accordingly when the retirement age is extended.
However, after taking into consideration members’ feedback, the Government will not make any amendment at this point in time to EPF withdrawal at age 55 even though the retirement age for private sector employees is extended to 60 years old.
As Malaysia’s premier retirement savings fund, the members’ welfare remains our top priority and whatever decision we make will always have their best interest at heart.
NIK AFFENDI JAAFAR
General Manager, Public Relations
Employees Provident Fund
Source: The Star..EPF withdrawal stays at 55
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