KUALA LUMPUR, June 19 (Bernama) -- The MCA wants the private sector
employees to be given an option to withdraw their Employees Provident Fund (EPF)
at 55, should the retirement age be raised to 60, said its President Datuk Seri
Dr Chua Soi Lek.
He said some employees needed their savings for pressing needs such as
children’s education, elderly parents’ health care and medication while some
others feel they deserved the flexibility of choosing when to withdraw their
savings.
“EPF need to look at the existing law but as a political party, our stand is
that they (employees) should be given an option at 55 to withdraw," he told
reporters after chairing a MCA Central Committee meeting here, today.
Currently, EPF members are entitled to withdraw their full savings at the
age of 55, either in a lump sum or partially while members are also allowed to
withdraw their savings in their Account II at the age of 50.
Recently, Deputy Finance Minister Datuk Donald Lim has hinted that EPF may
consider allowing members to withdraw their savings at the age of 55, following
the tabling of the Minimum Retirement Age Bill 2012 in the Dewan Rakyat.
-- MORE
MCA-EPF 2 (LAST) KUALA LUMPUR
Dr Chua also said the party supported the retirement age being set at 60,
but its implementation should not affect the young, entering the job
market.
"Malaysian law need to be reviewed to allow flexibility. After 55, there
should be a leeway, either to be extended or not," he said.
He also said MCA was against any new form of initiatives by the Human
Resources Ministry as the implementation of minimum wages and the new minimum
retirement age should be handled first.
"We have objected to the initiatives such as a life-long pension scheme for
private sector employees and unemployment insurance scheme. We felt this should
not be implemented now as the implementation of minimum wage and retirement age
should be monitored first," he said.
-- BERNAMA
AT MNY JRL