Ex-EPF chief calls for review of Malaysia's retirement age
KUALA LUMPUR: Malaysia should review its retirement age as life expectancy rises and more Malaysians remain willing and able to work beyond 55 or 60, said Axiata Group Bhd chairman Tan Sri Shahril Ridza Ridzuan.
Malaysia should reassess its retirement age as life expectancy increases, according to Axiata Group Bhd chairman Tan Sri Shahril Ridza Ridzuan. The former Employees Provident Fund (EPF) CEO stated that Malaysians who wish to stay economically productive should be provided with opportunities to continue working, including part-time roles.
Shahril emphasized that as life expectancy has reached 78 years, the retirement age may need to be reconsidered. He suggested flexible working arrangements could help older Malaysians remain active in the workforce. Regarding lump-sum retirement withdrawals, Shahril advised members to keep their savings with EPF if they don't need the money immediately, as the fund could continue investing and paying dividends, allowing for phased withdrawals during retirement.
Shahril noted that the trend of full lump-sum withdrawals at 55 has decreased over the past 15 years, partly due to increased financial literacy and Malaysians saving more outside EPF. He attributed this decline to higher income levels and encouraged education to prevent members from withdrawing everything from their EPF accounts.
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