EPF says full withdrawal remains at 55

The Employees Provident Fund (EPF) has clarified the age for full withdrawal from the fund remains at 55, regardless of changes to minimum retirement age.

EPF public relations manager Nik Effendi Nik Jaafar was reported by the New Straits Times as saying that the government had decided to retain it at 55 for now after considering feedback from members.

"EPF withdrawal stays at 55 even if retirement age is extended to 60 years old," he was quoted as saying.

Yesterday The Star quoted Deputy Finance minister Donald Lim (left) as saying that the age of withdrawal from EPF will have to be raised once the minimum age of retirement goes up.

He also reportedly said that EPF is looking for a transitional period for contributors who were planning to withdraw from the fund in the next few years.

EPF contributors can now make partial withdrawal at 50 and full withdrawal of their savings upon retirement at 55.