Private sector employees who are over 50 want the option of withdrawing their Employees Provident Fund (EPF) savings at 55 should the retirement age be raised to 60.
Many need their savings for pressing needs such as their children’s education and elderly parents’ medication while some feel they deserve the flexibility of choosing when they can withdraw their savings.
“Those who are above 50 should be given the option to withdraw their EPF savings at 55 or 60 if the new retirement age law is passed. Many of us at this age have children studying in university and we have planned to use it for their education,” said 52-year-old engineer L. Lee.
“I support the decision to increase the retirement age to 60 because a lot of us are still productive at the age of 55. But I would prefer if the withdrawal age is not changed,” said Lee, who has a 20-year-old son in university and two other school-going teenage children.
Technical assistant Cecilia Peter, 53, also wants the option to withdraw her EPF savings at 55 as she has children aged 15 and 16 who are expected to enter university in a few years.
“If EPF cannot allow full withdrawal at 55, it should allow its members to withdraw two-thirds of their savings,” said Cecilia.
Zaranah Mohd, who is retiring in December, may not be affected because the new retirement age is only expected to take effect next year.
However, the 54-year-old analyst with a multinational company felt that EPF should not take away the withdrawal option at age 55 as she said many of those nearing retirement would have plans and commitments.
“My mind has been fixed with the knowledge that I am entitled to withdraw my savings at 55. Even if I do not intend to withdraw one lump sum at 55, I still want to know I am entitled to do so when I want,” said Zaranah, who has an 18-year-old son who is about to enter college.
Currently, EPF members are entitled to withdraw their full savings at the age of 55 upon retirement, either in a lump sum or partially.
Members are also allowed to withdraw their savings in their Account II at the age of 50.
Deputy Finance Minister Datuk Donald Lim has hinted that EPF may consider allowing members to withdraw their savings at the age of 55.
The proposed Minimum Retirement Age Bill 2012 was tabled for first reading in the Dewan Rakyat last Wednesday by Human Resources Minister Datuk Seri Dr S. Subramaniam.
http://www.ipetitions.com/petition/independence-for-sabah
ReplyDeleteplease visit
The only way to achieve changes is not through petition, it takes more than that.
DeletePlease advise whether who the sponsors are, or how can one justify that your site is legal. Thanks.
DeletePlease advise whether who the sponsors are, or how can one justify that your site is legal. Thanks.
DeleteRETIRE SOON OR YOUR EPF WILL BE SQUANDERED BY UMNO BN SOON!
ReplyDeleteThink it's already been squandered. They are pushing the age limit up because they can't afford or not willing to pay back at this point in time. Logical?
DeleteGovt is trying their best to get financial solution to many things, please don't discourage them.
DeleteThis comment has been removed by the author.
ReplyDeleteIf you are interested in independence for Sabah, please sign the petition. It may not seem important to some but at least it gives us an idea in terms of numbers no matter how small. It also doesn't matter which political party you support. Things will be worked out once it is known what the majority desires. This is also an opportunity for our Sarawak cousins to kick start their own petition if they too desire independence. Thank You!
DeletePhilippines still have to release their claims on Sabah, once we seceded from Malaysia, the immigrants from Philippines will turn around to vote their government and Sabah will fall into Philippine claims. Sabah will continue to be colonized.
DeleteOut of the frying pan and into the fire.
DeleteIf Sabah quit with Singapore and Brunei long time ago, maybe still can be accepted.
DeleteDo you really think this petition is achievable?
DeleteWhy are they so many pinnoy illegals in Sabah? The theory is Sabah(Malaysia) provides them with a better alternative, so why would they want Sabah to be part of Philippines again. But I am sure they're all for it if Sabah would be an autonomous state of the Philippines or even part of an independent Sulu/Mindanao. So in reality, they would need to get their act together before anything can even happen. Sorry to my Filipino friends whom I've grew up and worked with but Philippines has always been the basket case of Asia. Does this make sense? Open to debate!
DeleteOn another note. The Philippines is already having a hard time managing her seven thousand islands and provinces and currently having a spat in the South. Do they need another guerilla warfare if they were looking to take over Sabah. I for one will take up arms.
DeleteApologies, perhaps I did state the main aim of the petition. We're never going to get independence nor even smell autonomy just be signing the petitions. It's all about numbers! although it will not be as big as I would like it to be because of the village folks or people who don't get on the net. Anyways it's just information to see how many people are longing, pondering or even tinkering on the idea of independence. Only from here can I/we take the next step of action. Everything begins with something! Do you part and spread the words.
DeleteThe people should be given the choice to withdraw their EPF savings at age 55 even if they chose to work till the age of 60.
ReplyDeleteHope this will be consider.
DeleteThere must be a solution that can make everyone satisfied.
DeleteSetiap proposal harus dikaji agar memanfaatkan golongan awam.
DeleteCurrent EPF interest payout is the highest in 10 years, they wouldn't pay so much if they're not making profits.
ReplyDeleteWhat if the interest is the only thing they can pay because thats all they're left with?
DeleteBut i guess they want to encourage the people to save.
DeletePerlu diberi sedikit kelonggaran berkenaan isu pengeluaran wang EPF ni.
ReplyDeleteMungkin perlu lebih relevant pada masa kini.
Deleteya...lagipun ianya adalah wang pencarum..
DeleteDuit EPF untuk masa tua, kalau sudah tua tidak bekerja ada la duit EPF
ReplyDeleteNo such thing as CONSIDERING WITHDRAWAL at the age of 55.. Withdrawals should be allowed. BN is digging their own grave la... It clearly shows they have no funds to accomodate the withdrawals...
ReplyDeleteat 60 i'm dead looooo
ReplyDeleteTrying to curse yourself? well done.
Deleteits not surprising at all that many people died at the age around 60 or 60 plus nowadays due to heart stroke, heart attack and other various sickness. That is why its important to have a healthy lifestyle in order to live a longer life.
DeleteI'm sure there will be an option for that, don't worry.
ReplyDeleteSince its the people's saving, then they should have the rights to decide whether they want their savings to be withdrawn at the age of 55 or 60. Regarding retirement, most people would prefer to retire at the age of 60 since they are still capable of doing work and at the same time they need to earn money for their children's education.
ReplyDeleteAda pros dan juga cons hal ni. Jadi terpulanglah pada si empunya diri.
ReplyDeleteBagus juga kalau rakyat dibagi pilihan sendiri utk tentukan bila nak keluarkan duit itu. Tapi entahla susah juga mahu cakap.
ReplyDeleteTapi saya yakin setiap apa yang dilakukan oleh kerajaan pasti ada alsan munasabah.
ReplyDeleteYa, betul tu, kerajaan tidak akan menyusahkan rakyat.
Delete55 atau 60, tak kisahla kerana akhirnya kita dapat juga duit tu. Kalau tak pun, pasti keturunan kita kaan dapat:)
ReplyDeleteTerpulanglah pada rakyat untuk menilai hal ini. Saya yakin rakyat tahu apa yang patut dilakukan.
ReplyDeletewang EPF adalah wang pencarum, jadi mereka berhak memilih pada bila nak keluarkan wang mereka.
ReplyDeletebetul tu...sekalipun umur persaraan dilanjutkan hingga umur 60 tahun namun, pencarum harus diberikan hak dan pilihan untuk memilih bila mereka keluarkan wang mereka..
DeletePasti kerajaan tidak akan menyusahkan rakyat.
ReplyDeleteAda kebaikan dan keburukan juga ni..tapi terpulang kepada rakyat untuk menilai.
ReplyDeleteharus diberikan pilihan...lagipun ianya adalah hak mereka..
ReplyDeleteharap ada penyelesaian terbaik buat pencarum.
ReplyDeleteSo choice the option for EPF.
ReplyDeletekerajaan semakin tiada duit, duti EPF pun telah digunakan?
ReplyDeleteyang penting adalah utamakan keperluan rakyat.
ReplyDeleteWang EPF tidak dapat menjamin apa-apa lagi sebab inflasi semakin tinggi.
ReplyDeleteOur money enough to support our daily expenses in our old age?
DeleteTidak salah untuk mencadang, kaji dengan teliti kebaikan dan keburukannya, harap-harap membawa manfaat kepada orang awam.
ReplyDeleteya, kesan baik dan buruk perlu dikaji sebelum membuat sebarang ketetapan.
DeleteKerajaan semakin tiada duit, harus juga membaiki sistem financial control yang akan membawa muflis kepada negara.
ReplyDeleteMogakan rakyat sendiri boleh menentukan wang sendiri dalam EPF selepas 55 tahun.
ReplyDeleteKaji secara mendalam sama ada cadangan tersebut membawa lebih kebaikan khas kepada caruman rakyat.
ReplyDeleteya, sebaiknya ia dikaji terlebih dahulu.
DeleteSetiap perubahan harus juga membawa lebih banyak faedah berbanding yang sedia ada.
ReplyDeleteJika duit EPF tidak diuruskan dengan baik, sekelip mata saja akan kehabisan. Maka, pengurusan kewangan amat penting.
ReplyDeletesebarang cadangan harusah diteliti terlebih dahulu.
ReplyDeletemungkin cadangan ini akan dipertimbangkan, apa pun banyak pekara perlu dipertimbangkan.
ReplyDeletepertimbangan yang sewajarnya pasti dibuat, asalkan ianya baik untuk semua.
ReplyDeleteIt would be better if it is an option.
ReplyDeleteLet the discussion take part. Hopefully the issue end up with positive impact to the people.
ReplyDeleteso hopefully the government will take into account the option..
ReplyDelete