Tuesday, July 23, 2013

MALAYSIA - EPF: Opt for flexi-withdrawal scheme in order to stretch savings

PETALING JAYA: The Employees’ Provident Fund (EPF) has urged the public to take advantage of its Flexible Age 55 Withdrawal scheme, which allows them to manage their savings via flexible withdrawal options.
EPF public relations general manager Nik Affendi Jaafar said that the fund recommended its members to manage their savings through flexible options, seeing that the average life expectancy of Malaysians had increased to 75 years.
“The flexible withdrawal scheme allows members to stretch their savings over a longer period during their golden years,” he said in a statement here yesterday.
Under the Flexible Age 55 Withdrawal scheme, members can now opt to withdraw their savings partially, monthly or a combination of the two.

“Furthermore, savings that are kept in the EPF will continue to earn dividends, hence increasing the members’ retirement funds. The compounding effect from the stretched savings will go a long way towards retirement,” said Nik Affendi.
EPF had launched an advertising campaign to urge its members to make use of the option as part of its continuous efforts to raise members’ awareness on retirement planning.
Themed “Stretching Your Savings for Your Golden Years”, the advertising campaign would be extended to radio channels, newspapers and on the EPF’s Facebook page until Aug 2.
He advised EPF members to start their financial planning early for their retirement and not solely depend on their EPF savings.
It was reported that the EPF was considering a new ruling that new contributors could only withdraw their savings after the age of 60.

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