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The Employee Provident Fund (EPF) would like to clarify that there is no change to
the current 55 to 60-year-old lump sum withdrawal. The current monthly EPF
payment option is only available to members who voluntarily opted for in.
However, the proposed mandatory monthly payment option will only apply to new
EPF members born after 2010 and registered with the EPF after the effective date.
The first payments under the mandatory option are not expected to be made until
decades after these new members retire. This proposal is still being refined and EPF
will make due decision regarding mandatory monthly payment options after careful
consideration and in line with EPF commitment for the best interests of its
members.
Malaysia is one of the very few countries that allowed full EPF withdrawal. However
regular payment is not allowed, a mechanism allowing monthly payments would be
consistent with the practice prevailing around the world.
Source: https://www.kwsp.gov.my/en/web/guest/w/no-change-forlump-sum-withdrawals-at-age-55-and-60-for-existing-epf-members
