Human Resources Minister Dr S Subramaniam today dismissed claims that the government is pushing up the minimum retirement age from 55 to 60 so that employees’ savings in the Employees Provident Fund (EPF) can be held by the body for longer.
Speaking to the media in Putrajaya
today, he confirmed that the EPF withdrawal age remains at 55, even
though the minimum retirement age has been raised.
“Rest assured it is not going up to 60 years to keep money in EPF to support (the government),” Subramaniam (centre) said.
“People will find everything to say (against the government).”
He added that any changes to the EPF minimum withdrawal age will only be made after ample consultation.
would not make changes now if they want to (bump the withdrawal age
up), there will be adequate consultation with stakeholders,” he said.
added that companies who want to extend retirement age to 60, before
the official implementation of the policy, can do so at their
“I get smses from people who are about to retire
asking if it can be officially implemented today, but it’s not so easy,”
He said that employers, in meetings with the ministry,
have been varied in their responses and have asked for a grace period of
anything from one to five years before implementation.
“Opinions vary and we will make the decision that is fair to everyone,” he said.
The Bill to push minimum retirement age to 60 was passed by the Dewan Negara last week.
14 new foreign firms join outsourcing programme
Subramaniam announced that the outsourcing entry point programme under
the economic transformation programme (ETP) welcomed an additional 14
new companies to its list from December 2011.
The 14 foreign
companies, including multinationals AIG, Frost & Sullivan and
Chartis, which outsourced services like finance and accounting, human
resources shared services and outsourcing and engineering services.
Subramaniam said that the companies chose Malaysia not just to cut costs but also because of the availability of talent here.
the first quarter of 2012, a total of 2,210 new jobs and over RM318
million in export revenue has been brought in by (the outsourcing
“This represents a significant amount when compared to
last year, with a 50.2 percent increase in jobs and nine percent
increase in exports.”
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