EPF proposes mandatory monthly withdrawals at 55 for better fund management

KUALA LUMPUR - The Employees' Provident Fund (EPF) is considering making regular or monthly withdrawals mandatory for contributors reaching the retirement age of 55.

EPF CEO Datuk Seri Amir Hamzah Azizan said the regular or monthly withdrawals were currently done voluntarily.

He said it was due to it being seen as providing individuals a better chance at managing their retirement funds.

At the same time, he said the withdrawals also gave the opportunity for the contributors to receive yearly dividends with the remaining savings they had.

“We do provide a choice of withdrawals for all EPF members who reached the age of retirement be it in full or partial.

“However, not many opted for monthly withdrawal and this provides space for us to promote it more,” he told reporters during the 2023 International Social Welfare Conference, today.

However, Amir said more reserach and discussions are needed with the government.

“For the time being our focus is to encourage members to have a savings account with the schemes available,” he said.

Up to March 2023, EPF recorded 116,423 new registrations bringing the total EPF members to 15.8 million.

Of the total 8.45 million were active, representing 50 per cent of the 16.81 million Malaysian labour force.