Saturday, August 20

EPF withdrawal age remains at 55


KUALA LUMPUR: Ideally, the age for full Employees Provident Fund (EPF) withdrawal needs to be harmonised with the minimum retirement age as the savings are meant for retirement, the EPF said.

However, the EPF said it is still studying the matter from every aspect, including obtaining input and feedback from stakeholders and members.

“Hence, at this point in time, the withdrawal age of 55 remains unchanged,” it said in a statement yesterday.

The statement was issued to clarify media reports on calls to extend the full withdrawal age to 60.

Meanwhile, contributors to EPF can now access their savings online following the availability of the “EPF i-Akaun” on Apple App Store.

The mobile app allows members to view their profile, obtain the latest news on the EPF, as well as a direction map to its offices, the EPF said in a statement.

The app, in addition, provides contributors with an online calculator to enable them to calculate their estimated yearly EPF contributions, how much is allowed to be withdrawn for housing,and the estimated amount that can be invested through the EPF Members Investment Scheme.

Deputy chief executive officer (Strategy) Tunku Alizakri Raja Muhammad Alias said the ability to access EPF statements online, has helped members ensure their contributions are accurate and any discrepancies, detected faster.

“The introduction of the mobile app and other electronic channels are in tandem with the decrease in the number of members visiting EPF branches to do simple things such as printing out EPF statements.

“We have a huge member database and it is important to extend our services to a larger audience.

We find that the mobile app has been very effective in serving this purpose,” he added.

The iOS users can download the “EPF i-Akaun” mobile application for free from Apple App Store. — Bernama