KUALA LUMPUR: From January 1 next year, the Employees Provident Fund (EPF) will roll out its Akaun Emas, described as a second retirement ‘nest egg’ for members working beyond age 55.
Announcing the new improvements and enhancements to its schemes, EPF CEO Datuk Shahril Ridza Ridzuan assured its members that there is no change to the current withdrawal scheme, where members can make full withdrawal at 55-years-old.
For those who continue working after the age of 55, their contributions would automatically go to Akaun Emas.
Under Akaun Emas, any outstanding balance from accounts one and two of Akaun 55 will be consolidated under the single Akaun Emas, from which members can withdraw fully at age 60.
Shahril Ridza said these improvements and enhancements are the result of the Members Consultation exercise that the fund conducted in April last year.
“Considering the reality that the average Malaysian today is working beyond the age of 55 and the minimum retirement being 60, the EPF has decided to provide a second retirement nest egg via the Akaun Emas to secure members' savings from age 55 to 60.
"The extra savings accumulated during the five-year period will go a long way in serving members' needs when they retire," Shahril said at a media briefing today.
He said EPF is also extending the dividend payment limit to age 100 from the current 75.