EPF: Workers must have final say on when to take out funds
WITHIN the space of two days, we have heard two different views, one from the Finance Ministry and the other from the Employees Provident Fund (EPF) about retirement withdrawal.
They cause uncertainty to workers. The ministry had stated that EPF full withdrawal will be at age 60, whereas EPF had confirmed that the 55-year limit will remain.
It is puzzling that such decisions affecting workers are made without consulting the Malaysian Trades Union Congress (MTUC), which is the sole organisation representing private-sector workers.
It also must be noted that every worker plans 10 or 15 years ahead about how they want to utilise their retirement fund. Not consulting them will cause them problems.
We are of the view that the utilisation of the EPF retirement fund should be an option open to workers. That is, they should be able to choose when they want to withdraw upon reaching the age of 55.
The decision as to when to withdraw the money should be in the hands of the owners of funds and not dictated by third parties.