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.
An amendment to the EPF Act 1991 will be carried out to facilitate this regulation, Human Resources Minister Datuk Seri Dr S. Subramaniam said.
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.
The amendment is in line with the private sector Minimum Retirement Age Bill 2012, which was passed in Parliament in June.
The Bill stipulated that the minimum retirement age in the private sector be raised from 55 to 60 years old.
"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," Dr Subramaniam said after chairing the
National Labour Advisory Council meeting at the ministry here Tuesday.
The council is the highest national authority governing labour issues and convened for the third time this year Tuesday.
0 comments:
Post a Comment