GAINS: New retirement age wont' affect withdrawals
KUALA LUMPUR: EMPLOYEES Provident Fund (EPF) contributors will still be able to make partial and full withdrawals from their retirement funds at the ages of 50 and 55 despite the minimum retirement age being increased to 60 on July 1.
Newly appointed chief executive officer Datuk Shahril Ridza Ridzuan said the new minimum retirement age would be advantageous to its 13.6 million members.
"Our members will gain five additional years of contribution from themselves and employers. This will mean additional funds for them when they retire," Shahril said at the EPF headquarters here yesterday.
Despite the new retirement age, contributions for employees and employers will remain at 11 per cent and 12 per cent (13 per cent for those earning less than RM5,000) until the employee reaches 60.