Politicians, don't play with our old age savings
COMMENT The Malaysian Trades Union Congress (MTUC) is very disappointed that there are certain quarters including ministers who are against the proposal to extend the Employees Provident Fund (EPF) retirement withdrawal age to 60 years old.
MTUC has fought long and hard for the implementation of the minimum retirement age of 60 so employers cannot force an employee to retire at earlier than 60.
The increase in the minimum retirement age to 60 years is one way to allow contributors to build up sufficient retirement savings. Therefore the qualifying age for retirement must be moved from 55 to 60, otherwise it would defeat the very objective of EPF as a savings for retirement and the increase in the retirement age.
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