Human Resource Minister Dr S Subramaniam said the amendment was in line with the Minimum Retirement Age Bill 2012 approved in Parliament in June, whereby the retirement age for workers in the private sector was extended to 60 years from 55.
“EPF, after discussing with the Human Resource Ministry, agreed that the withdrawal of EPF contributions stays at age 55 and contributors can withdraw 30 percent at 50 and the balance of 70 percent at 55 as stipulated in the Act.
“Contributors who do not withdraw their money at 55 can continue to contribute to EPF and withdraw them at age 60,” he told reporters in Putrajaya today.
Earlier, Dr Subramaniam chaired the third National Labour Advisory Council meeting for this year. It is the highest council in the country to discuss issues related to labour and labour management.
Other than tabling a working paper on the implementation of the minimum retirement age of 60 years in the private sector, Dr Subramaniam said the meeting today also tabled two working papers, namely, on the setting up of a fund to protect the welfare of workers whose services were terminated without compensation and Trans-Pacific Partnership (TPP) talks.
He also said that the minimum retirement age of 60 years was expected to be implemented next year after it was gazetted but the date had not been finalised.
The implementation of the minimum retirement age of 60 years will commence six months after it has been gazetted and employers will be given a flexibility period of one year,” he said.
On the implementation of minimum salary, Dr Subramaniam said a ministerial committee headed by the ministry’s secretary-general Zainal Rahim Seman would hold dialogue sessions with the relevant parties to settle the issue before it would be implemented next year.
He said every industry in the country had a different salary payment method, so employers must make changes in their payment system.
“I hope all parties involved will give and take in the discussions to ensure the implementation of minimum pay in the private sector can be implemented by January next year,” he said.
- Bernama
What would be an ideal amount of money to have stashed away if one expected to live past seventy five years old? Any ballpark figure that will keep a smile on the face? Just the liquid part. Hoping a roof is there over the head. Sanity still intact.
ReplyDeleteFunny (though not the kind that will keep a smile on long term). I spend more time counting coins than note bills.