KUALA LUMPUR, 26 June 2020:
The Employees Provident Fund (EPF) today assured members the issue of raising the withdrawal age has not been discussed with any party at this point in time.
The EPF, however, said it has taken note of the World Bank’s suggestion to gradually raise the age when members can make a full withdrawal of Accounts One and Two of their EPF retirement savings from 55 to 65.
The fund stressed it approaches major policies concerning members in a very prudent manner, including conducting in-depth studies and engagement with its members and key stakeholders.
“This is to ensure that members’ well-being is always at the forefront in carrying out the EPF’s mandate,” it said in a statement.
In the World Bank’s “Malaysia Economic Monitor” report released yesterday, the bank recommended the government strengthen the adequacy of old-age income protection by gradually increasing the minimum withdrawal age for EPF Account One balances to 65.
Moreover, the World Bank recommended the conversion of contributions to EPF Account Two to retirement savings; mandate a phased withdrawal for EPF balances; and improve social assistance for older persons through a modest, broadly targeted social pension.
Meanwhile, RHB Asset Management Sdn Bhd (RHBAM) has launched online investment platform RHBAM MyInvest for EPF members to invest in RHBAM or RHB Islamic International Asset Management Bhd’s (RHBIIAM) unit trust funds that are included in the list of EPF-Members Investment Scheme in the EPF i-Invest investment facility.
RHBAM said customers, who are EPF members, are provided easy access to RHBAM MyInvest through the EPF i- Invest investment facility, which makes available to them various investment options provided by RHBAM and RHBIIAM.
“The facility allows new RHBAM customers, who are EPF members to open online accounts, while existing customers who are EPF members need only to activate their account credentials within the RHBAM MyInvest platform, prior to transacting,” RHBAM said in a statement today.
Managing director Eliza Ong said the company is developing new thematic funds in sectors such as e-commerce, cyber security and online education.
“It is a fitting time to review our offerings in this rapidly evolving market to take advantage of potential investment upside while mitigating potential risks for our clients.”