Published: Friday June 22, 2012 MYT 4:44:00 PM
Updated: Friday June 22, 2012 MYT 5:04:15 PM
Subramaniam: No change to EPF withdrawal rule in new retirement age Bill
By TEH ENG HOCK
KLANG: There is no need for employees to make a fuss over their eligibility to withdraw all their savings from the Employees Provident Fund (EPF) upon turning 55, as the current rule is still in place.
Human Resources Minister Datuk Seri Dr S. Subramaniam said no change had been made to that rule under the Minimum Retirement Age Bill tabled in Parliament last week.
The Minimum Retirement Age Bill raises the minimum retirement age for the private sector to 60 years, but the move has caused concern among contributors that the withdrawal age will similarly be raised.
"Why is there a hue and cry? Everything stays put. We will explain everything in the second reading (of the Bill) next week.
"As it is, there is no change," Dr Subramaniam told reporters after closing the pre-school and day-care teachers training programme here Friday.