Ensuring EPF contributors have sufficient fund after retirement

KUALA LUMPUR: The government is in the midst of finding a new mechanism to ensure that Employees Provident Fund (EPF) contributors will have sufficient fund to make ends meet after retirement.
Deputy Finance Minister Datuk Ahmad Maslan said the government, through the EPF, would also make several recommendations to tackle the issue.
"Malaysians have an average life expectancy of up to 75 years and when they take out all their EPF savings at 55, they will have another 20 years to live.
"What should they do to ensure that they have enough money to spend? This is the issue that is being looked into and scrutinised by EPF," he said in reply to Normala Abd Samad (BN-Pasir Gudang).
Meanwhile, Ahmad said with the existence of minimum wage-related law, EPF contributions from the low-income earners had been increased from Jan 1, 2013.
"With the law in place, EPF contributors can also continue working and making their EPF contributions up to the age of 60," he said.
As at September this year, EPF has 14.11 million members, 6.59 million of whom are active employees, while active employers numbered 528,369. – Bernama