Thursday October 28, 2010
EPF: Withdraw savings at 75
KUALA LUMPUR: All contributors to the Employees’ Provident Fund (EPF) should withdraw their savings upon reaching the age of 75. This is because no contribution would be accepted upon contributors reaching that age and no dividend would be paid on their savings.
EPF Corporate Communications Unit head Nik Affendi Jaafar said contributors’ savings would also be transferred to the Registrar of Unclaimed Monies when they reached the age of 80. “The EPF is not like a bank. That’s why we don’t encourage contributors to continue saving with the EPF because after the age of 75, we will no longer pay any dividend.
“We will also transfer the money to the Government if it is not claimed when the contributor reaches the age of 80,” he said yesterday. Nik Affendi was asked to comment on the confusion relating to EPF contributions after members reach 75. — Bernama
