MIRI: PAS Sarawak is against Employees Provident Fund (EPF)’s proposal to change the age for full-withdrawal of retirement savings from the current 55 years to 60 years, arguing it would burden those affected.
Its deputy commissioner III cum Miri chief, Jofri Jeraiee, said the party was surprised and wondered about the agenda and timing of the proposal, which was announced by EPF’s chief executive officer Datuk Shahril Ridza Ridzuan recently.
Citing an independent survey conducted by economists and EPF internal research, Shahril was quoted as saying that the average person tended to spend their retirement savings within three to five years after making full withdrawal.
“We strongly disagree with what the EPF said because not all retirees will spend their money within that time frame,” said Jofri.
He added there were some who were in dire need of their EPF money for daily expenditures, medical purposes or their children’s education.
“What is going to happen to those who retire at age 55 years, do not have a job, and yet can only withdraw their EPF savings at age 60 years?
“What happens if EPF members die before the age of 60?”
Jofri pointed out the retirement age of employees in some private companies was below 60 years.