Proposal for EPF's regular withdrawal in final stages - Anwar

KUALA LUMPUR - The government has expressed its support for the Employees Provident Fund (EPF) proposal to make regular or monthly withdrawals mandatory for new members upon reaching the retirement age of 55.

Prime Minister Datuk Seri Anwar Ibrahim confirmed that the proposal is in its final stages, with considerations being made regarding various limitations, including the savings balance of the contributors.

"We are still in the final stages. I have no objections, but EPF CEO Datuk Seri Amir Hamzah Azizan mentioned that there are certain constraints, particularly for contributors with smaller savings," Anwar told reporters during the 10th International Social Welfare Conference 2023 (ISWC 2023) on Thursday.

Earlier, Amir Hamzah had announced the EPF's consideration of making regular or monthly withdrawals mandatory for members upon reaching the retirement age of 55, specifically for new members.

Currently, regular or monthly withdrawals are voluntary.

Anwar, who also serves as the Finance Minister, unveiled the updated version of the i-Akaun KWSP application, which features innovative and interactive enhancements to improve user experience.

The enhanced platform offers new functions for members to conduct EPF-related transactions, including a retirement savings calculator to assist contributors in evaluating the sufficiency of their savings for retirement.