EPF has no right to withhold savings from contributors

DAMANSARA, 16 Apr: The Employees Provident Fund (EPF) has no right to withhold money contributed by employees until they reach 60 years of age.

The President of the Malaysian Malay Chamber of Commerce (DPMM), Datuk Syed Ali Al Attas, said that each contributor has full entitlement to their savings.


“Our money, our rights. Why does EPF want to control it; they want to save it?

“For example, we lend someone borrow a bicycle for a year. When a year is up, we want to take it back, the person says no because they want to use it for five more months.

“Can that happen? When they promised to borrow it for a year and indeed, it is our bicycle,” he said during a press conference at the DPMM Building at Bukit Damansara today.

He said that contributors should also be allowed to withdraw their contributions at age 45 if they want to venture into business.


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