PETALING JAYA: The Employees Provident Fund (EPF) has clarified that no change is intended for the current lump sum withdrawals at age 55 and 60 for existing members. The current EPF monthly withdrawal option only applies to members who voluntarily opt-in.
“The proposed mandatory monthly withdrawal option however will only apply to new EPF members born in or after 2010, and registered with the EPF after the implementation date. The first payout under the mandatory option is only expected to be made when these new members retire, some decades in the future,” it said in a statement today.
“This proposal is still being refined, and the EPF assures that any decision regarding the mandatory monthly withdrawal option will only be made with careful consideration and alignment with the EPF’s commitment to the best future interests of its members.”
EPF added that the mandatory monthly withdrawal mechanism will bring Malaysia in line with widespread global practice, as our country remains one of the very small minority that continues to allow lump sum withdrawals and not a regular payout.
