The Employees Provident Fund (EPF) has clarified that that all contributors, including those aged 75 and above, have been receiving their annual dividends.  

It denied a report that some 260,000 EPF contributors aged above 75 had been earning zero dividends.    

“The policy, which was approved in 2008, has not been implemented. Instead, EPF encourages members to be aware of the risk of their funds being transferred to unclaimed moneys if they are not utilised.   

“In this respect, the EPF is no different from financial institutions such as banks which have similar policies,” it said.

The EPF said it is cognisant of the potential misinterpretation and is in the final stages to amend the EPF Act 1991 to ensure that members would continue to receive a steady stream of income from their savings even after they retire.

The Sun today reported that the EPF has since 2008 stopped paying dividends to account holders once they turn 75.

- Bernama