All contributors to the Employees’ Provident Fund (EPF) are asked to withdraw their savings upon reaching the age of 75.
This is because no contribution would be accepted upon the contributor reaching that age and no more dividends would be paid on the contributors’ savings.
Head of the EPF Corporate Communications Unit Nik Affendi Jaafar said the contributors’ savings would also be transferred to the Registrar of Unclaimed Monies when they reach the age of 80.
“The EPF is not like the bank. That’s why we don’t encourage them to continue saving with the EPF because after the age of 75, we will no longer pay any dividend. We will also transfer the money to the government if it is not claimed when the contributor reaches the age of 80,” he said when contacted by Bernama, yesterday.
He said this when asked to comment on confusions relating to the management of the EPF contributions after the contributor reaches the age of 75.
He said the matter was no longer an issue as it was stated in the EPF Act.