KUALA LUMPUR: The Employees Provident Fund (EPF) today announced that effective from August 2013 wages, members aged up to 60 who are still employed will continue to receive full EPF contributions at 12 per cent from their employers (or 13 per cent for employees earning a monthly wage of RM5,000 and below) while employees themselves will contribute the same rate at 11 per cent.
Employees aged between 60 to 75 will need to contribute at half of the rate which is 5.5 per cent and their employers are required to contribute at six per cent (or 6.5 per cent for employees with a monthly wage of RM5,000 and below).
“While the changes in the retirement age and the contribution rates take place, the existing Age 55 Withdrawal and Age 50 Withdrawal remain unchanged.
“Members can opt to withdraw their savings in Account 2 at age 50 and to make full EPF withdrawal at age 55,” EPF said in a statement today.
However, members are encouraged not to withdraw all their retirement savings in one lump sum at age 55 but to stretch their savings for a longer period via flexible options under Age 55 Withdrawal.
More information on the latest EPF contribution schedule can be found on the myEPF website www.kwsp.gov.my.