The recent controversy on the proposal by Employees
Provident Fund (EPF) to increase the retirement savings withdrawal age from 55
to 60 ended with a welcomed announcement by Prime Minister Najib Razak for
members to retain the right to make the withdrawal at the age of 55. Any new
enhancement by EPF will affect new contributions, if members decide to work
beyond the age of 55.
EPF’s proposals received wide dissatisfaction and negative
responses from the general public and many sectors, including CUEPACS, civil
servants and politicians. The power of people’s voice with more than 50,000
members’ feedback within two days of the recent online consultation process was
well addressed by the Prime Minister.
The right of members to withdraw their hard-earned
savings at 55 provides flexibility and freedom for people to plan their future
according to their will and choice, without the need to wait until 60 to enjoy
their savings.
The announcement provides a great sigh of relief for
the Malaysian workforce and is news to be celebrated alongside with the
upcoming Labour Day holiday. Happy
Labour Day, everyone J
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