The Staff Provident Fund (EPF) obligatory month-to-month withdrawal being proposed will solely apply to new members born 2010 onwards who register with the EPF after its implementation date.
The EPF pressured that the proposal was nonetheless being refined and that the primary such payout below the proposal would solely be made when these new members retired many years sooner or later.
“Any resolution relating to the obligatory month-to-month withdrawal proposal will solely be made with cautious consideration and alignment with our dedication to the most effective future pursuits of our members,” the fund mentioned in a press release in the present day.
It additionally assured the general public that there isn’t a change to the present lump sum withdrawals at age 55 and 60 for its present members.
At the moment, members can voluntarily opt-in for the month-to-month withdrawal choice ought to they need to take action, the fund mentioned, including that the proposed obligatory withdrawal mechanism would deliver Malaysia according to widespread world follow, because the nation was one of many few on the earth that continued to permit lump sum withdrawals.
EPF chief government officer Datuk Seri Amir Hamzah Azizan had beforehand talked about that such a mechanism would provide members a greater solution to handle their retirement funds and they’d be capable of take pleasure in annual dividends for his or her remaining financial savings with the fund. — BERNAMA