Over 50,000 Malaysians gave their feedback online over the last two days, expressing their concern over possible changes to the Employees Provident Fund (EPF) and here’s the outcome: members get to retain their right to withdraw the fund at the age of 55.
Prime Minister Datuk Seri Najib Razak called this feedback exercise the ‘largest ever public consultation carried out’.
“In just two days of the online consultation process that was recently set up, more than 50,000 Malaysians have taken part and given their views. It is already the largest ever public consultation carried out,” he said in his keynote address at Invest Malaysia 2015 at Mandarin Oriental KL today.
“It is clear that the vast majority of EPF members, while understanding the importance of retirement savings at the age of 60, want the right to use their retirement funds at the age of 55.”
“ I want to assure the rakyat that EPF members will retain their right to withdraw at the age of 55. The EPF will ensure that any new enhancement will only apply to new contributions if members decide to work beyond the age of 55. “
“This strikes a fair balance between the rakyat’s expectations to their hard-earned money at the age of 55 while protecting them if they retire at the age of 60,” he said.
Read the full speech here.
