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Friday, April 17, 2015

Raise EPF dividend if withdrawal age limit extended

Senator feels that EPF contributors should get higher returns if they choose to withdraw their savings after 55 years.
kwsp_600KUALA LUMPUR: A senator today proposed that the Employees Provident Fund (EPF) increase its dividend to contributors if the age limit for withdrawing savings was increased to 60 years.
Megat Zulkarnain Omardin said EPF contributors should get higher returns if they chose to withdraw their savings after 55 years.
“It is up to them to withdraw at which age, 55 years or to wait until 60 years, the condition is that they should receive additional dividend upon reaching 60 years,” he told a media conference at the Parliament lobby here
today.
The senator who is also Gombak Umno division vice-chief said EPF should conduct a proper study before making the suggestion which affects the interest of contributors.
He said the age limit for EPF withdrawal at 55 was still relevant.
He said, the question of how a contributor spends the money withdrawn from his EPF account is his or her rights.
“It is up to them, whether to finish their savings quickly or not, it is their right…They should bear their own risk as they deem fit,” he said.
Last week, the EPF was reported to be considering extending the age limit to withdraw EPF savings to 60 years compared to 55 now which has drawn negative reactions from various parties.
On February 7, the EPF had declared a dividend of 6.75 per cent for the financial year ended December 31, 2014.
BERNAMA

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