EPF withdrawal age, ‘pension’: What’s brewing?

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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.

— BERNAMA

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Kuching
Kuching
18 Apr 2013 5.45am

How about talking on each and every monthly at all ages whom contributed a huge amount to EPF and just imaging how much EPF been making in a year, Only once in a year these 2 categories of age Group 50 & 55 years old are allowed the withdrawal, comparing a baseball to a football field. The QUESTION is WHY age of 50 years old must withdrawal from ACCOUNT 2 and WHY not the 30% of the total overall amount in EPF? What’s the meaning of THIS and DON’T treat us like a … fool ! At the age of… Read more »

Sally
Sally
20 Jun 2012 2.52pm

Slighly off topic, Anil, but what’s to be come of us Penangites? Penang Port is going to be loaded off the the multibillionaire Syed Mokhtar? This is from Tony Pua:- “Fast forward 14 years later, we now have Syed Mokhtar’s group of companies which have a combined debt of RM34.3 billion or more than 10% of all local currency outstanding corporate bonds as at 2011. “These companies have a total cash and cash equivalents of RM7.8 billion as at May 2012,” said the DAP publicity chief.” I am no accountant but I can see that’s something seriously wrong. What good… Read more »

Gerakan K
Gerakan K
20 Jun 2012 1.57am

Pakatan machais must be something wrong in their mind. EPF & BN government trying to ensure you have enough $$$ after your retirement, now you are talking nonsense. EPF have no money lah blah blah blah. You know most people take their EPF money at 55 in one lump sum have finished all the money within 5 years and be forced to work again after 60 years old as cheap labor !!! Please appreciate BN government effort for the people. Pakatan machai still believing in Pakatan dream promises such as no need to pay back PTPTN loan, no hudud, Kg… Read more »

tunglang
tunglang
20 Jun 2012 6.49am
Reply to  Gerakan K

We believe, want to believe, now believe Idris Jala foreboding warning of Bankrupt Malaysia as a clear message from the insider’s corridors of Putrajaya, not some seedy sundry shops running gravy train schedules of next Satu Lagi Projeks of draining national coffers proportions.
Who will believe you, Gelak-Gelakan.
Heads in sewer manholes will always smell nice & refreshing filth for ostrich-minded minions. Despite the 50 years of consistent draining & milking the wealth of our nation.

Ahmad Sobri
Ahmad Sobri
19 Jun 2012 10.34pm

Rakyat, the choice is yours, continue with UMNO/sycophants, this is what is in store! We must be allowed to manage our monies at the ripe age of 55. We should never allow our future and life savings to be taken away from us. We slogged for 35 years and when we look forward to receiving our EPF money, they want to give you pension instead? And hold back your money? Rakyat, bangkit, we cannot allow ourselves to be manipulated at will by the power that be! Enough is enough, there are just too many scandals and corruptions of huge scales… Read more »

tunglang
tunglang
20 Jun 2012 6.31am
Reply to  Ahmad Sobri

Yes, not another election chance after GE13. It is now or never, UBAH now or lose our EPF money. The ‘message’ is clear as the deep blue sky, foreboding as the Deep Blue Ocean Strategy of sinking ships & passengers in Bermuda Triangle. Even the US citizens with social security are now not too sure of food stamps in the near future (not even 5 years ahead), much less unemployment (shake legs) benefits. So what are we in BolehLand? Boleh Phok Khai Bila-bila Masa! Not only the Negara will, most likely, eventually go bankrupt with the way the country is… Read more »

tunglang
tunglang
20 Jun 2012 6.36am
Reply to  tunglang

FYI, this foreboding EPF topic of disappearing savings has been the common talk at kopitiams, social gatherings & wet markets.
Even in the deep interiors of our rainforest way back in 2002!

Yang
Yang
19 Jun 2012 7.54pm

Vote against corruption, vote against poverty, and vote against the looting of your EPF savings. Najib’s administration is milking us dry. Govt debt as at Dec 2010 stands at 407 Billion ringgit. 60% of this or 240 Billion is owed to the EPF. This means the BN Govt of Malaysia has already spent 60% of all your savings in the EPF! The question is why is it that over 60% of EPF funds are in loans to the Govt and Govt bodies? Is the Malaysian Government a good borrower? Is the EPF being looted? I say yes it is. Let… Read more »

tunglang
tunglang
19 Jun 2012 9.06pm
Reply to  Yang

Give these Barang Naiki-Billions-Not-Enough 10 billion Friesian cows & they can easily milk them dry to the leather skin & bones in 1 day! You will never see your cash-cows come home after sunset! Never!
Imagine if they chew the ruling of EPF withdrawal @ 55 & move it fast-forward to 65, you & I will have a long wait to get what Ringgit value devalued by then.
Maybe not enough to buy even a 60’s trishaw to continue tarik-beca-makan on the Cosmopolitan streets of George Town after 65!!!
May God & Divinity help us!!!!!!!

tunglang
tunglang
19 Jun 2012 6.20pm

Ah Kong’s monies not enough, still want to touch Rakyat’s blood, sweat & tears savings.
As if EPF is Revolving Ringgit Machine to be cashed out one-way in the name of investing for itchy Satu Lagi Projeks.
No wonder we are seeing billion ringgit proposals these days for many expediencies before GE13 expiry date!