NO CHANGE FOR LUMP SUM WITHDRAWALS AT AGE 55 AND 60 FOR EXISTING EPF MEMBERS

KWASA DAMANSARA, 10 July 2023: The Employees Provident Fund (EPF) wishes to clarify that no change is intended for the current lump sum withdrawals at age 55 and 60 for existing members. The current EPF monthly withdrawal option only applies to members who voluntarily opt-in.

 

The proposed mandatory monthly withdrawal option however will only apply to new EPF members born in or after 2010, and registered with the EPF after the implementation date. The first payout under the mandatory option is only expected to be made when these new members retire, some decades in the future. This proposal is still being refined, and the EPF assures that any decision regarding the mandatory monthly withdrawal option will only be made with careful consideration and alignment with the EPF’s commitment to the best future interests of its members.

 

The mandatory monthly withdrawal mechanism will bring Malaysia in line with widespread global practice, as our country remains one of the very small minority that continues to allow lump sum withdrawals and not a regular payout.

 

Issued by the EPF Media Desk 
Corporate Affairs Department
10 July 2023

About the Employees Provident Fund (EPF)

The Employees Provident Fund® (“EPF®”) is one of the oldest retirement funds in the world. Established in 1951, the EPF® is a social-security organisation focused on safeguarding member savings and delivering excellent services. In recent years, in line with its vision of helping members achieve a better future, the EPF® has expanded its role to encompass the creation of a comprehensive social well-being ecosystem. Today, the EPF® remains steadfast in its commitment to members through consistent efforts to update and improve itself, in order to build the foundation for sustainable, holistic and equitable well-being for all Malaysians.