Something seems to be brewing at the EPF, probably the largest ‘kitty’ in the country.
Much talk about the age limit for withdrawals. But so far, nothing decided, it would seem.
Meanwhile ntv7 reports about the possibility of a pension scheme for private sector employees:
The Human Resources Ministry is looking at setting up a special life-long pension scheme for private sector workers similar to the model practiced for civil servants.
The ministry is currently in talks with EPF and other relevant stakeholders to determine the feasibility of implementing such a system.
Question: Who are these “other relevant stakeholders” and what interest do they have in the workers’ retirement savings? Are they workers’ representatives or vested corporate interests?
Bernama reports that no decision has been made on the age limit.
No Decision Yet On Age Limit For EPF Withdrawal For Private Sector Employees
KUALA LUMPUR, June 18 (Bernama) — No decision has been made by the government on the age limit for the Employees Provident Fund (EPF) withdrawal for private sector employees, Human Resource Minister Datuk Seri Dr S. Subramaniam said today.
He advised EPF subscribers not to believe in rumours or speculations that those from the private sector could only make their EPF withdrawal after they had reached 60 years old.
He said this in response to concern raised by EPF subscribers over the age limit for EPF withdrawal, which could no be done after reaching the age of 55, following the tabling of the Minimum Retirement Age Bill in Parliament last Wednesday, which set the minimum retirement age for private sector employees at 60, effective January next year.
Speaking to reporters after opening a seminar on improving the administrative system of Social Organisations here, Subramaniam said the ministry understood the concern raised by subscribers and would discuss the matter with EPF.
In another development, he said the ministry was discussing with EPF to introduce a special pension scheme for private sector employees to address the problems of poverty and high living cost facing them after they went on retirement.
“No decision has been made and we will continue to discuss the matter with EPF,” he added.