Wednesday, August 15, 2012

Age 60 EPF withdrawal option

PUTRAJAYA: Starting next year, private sector employees who work until the extended retirement age of 60 will have the option to withdraw their Employees Provident Fund (EPF) savings at the same age.

Under the amendment, the EPF will also compel those who work until the age of 60 to continue to contribute to their EPF savings throughout their term of employment.

Human Resources Minister Datuk Seri Dr S. Subramaniam said:

"The EPF, after deliberations with the ministry, has decided that a 30% EPF withdrawal can be made at age 50 and the remaining at 55 years old.

"But those who don't take out their savings at 55 can make the full withdrawal at 60 years of age."

Source: The Star..Age 60 withdrawal option after EPF Act amended next year

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