ALOR SETAR, April 23 (Bernama) — The Prime Minister Datuk Seri Najib Tun Razak’s announcement that the age for withdrawal of Employees Provident Fund (EPF) would remain at 55 years was welcomed by the Congress of Unions of Employees in the Public and Civil Services (CUEPACS).
Its president Datuk Azih Muda said the existing mechanism which allowed for EPF withdrawals at 55 years, was suitable and well-accepted by most people as the pre-retirement age.
He said that it (mechanism) also took into consideration the cost of living in this country as well as work pressures.
“That is why we want 55, at least when a person retires, he already has plans, whether it is enough or not is not the issue, they know how to manage.
“If there are parties who think it is not enough, then the salaries should be increased, and then the savings will increase,” Azih said.
Najib Thursday announced that EPF contributors could withdraw their money at 55 years.
The EPF was reported earlier as saying it was considering changing the withdrawal age for funds from the present 55 years to the retirement age of 60.
This was widely criticised with most people saying that although the suggestion was good, it was not suitable at the moment.
Meanwhile, in BUTTERWORTH, Deputy Finance Minister Datuk Ahmad Maslan said the EPF would extent its consultation services on finance and retirement in stages to investors throughout the country.
He said this would be a value-added service to its 14.19 million contributors.
The service would be provided free to the contributors so that they could plan their savings for when they retire, he told reporters after visiting the KWSP building in Seberang Jaya.