15/08/2012-12:14am
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EPF act to be amended to allow workers to contribute until 60
Posted on 14 August 2012 - 06:37pm
Last updated on 14 August 2012 - 08:53pm
Last updated on 14 August 2012 - 08:53pm
PUTRAJAYA (Aug 14, 2012): The Employees Provident Fund (EPF) Act 1991 will be amended to make it mandatory for private sector employees, working until 60 years, to continue contributing to EPF.
Human Resource Minister Datuk Seri Dr S. Subramaniam said the amendment was in line with the Minimum Retirement Age Bill 2012 approved in Parliament in June, whereby the retirement age for workers in the private sector was extended to 60 years from 55.
"EPF, after discussing with the Human Resource Ministry, agreed that the withdrawal of EPF contributions stays at age 55 and contributors can withdraw 30 per cent at 50 and the balance of 70 per cent at 55 as stipulated in the Act.
"Contributors who do not withdraw their money at 55 can continue to contribute to EPF and withdraw them at age 60," he told reporters, here, today.
Earlier, Dr Subramaniam chaired the third National Labour Advisory Council meeting for this year. It is the highest council in the country to discuss issues related to labour and labour management.
Other than tabling a working paper on the implementation of the minimum retirement age of 60 years in the private sector, Dr Subramaniam said the meeting today also tabled two working papers, namely, on the setting up of a fund to protect the welfare of workers whose services were terminated without compensation and Trans-Pacific Partnership (TPP) talks.
He also said that the minimum retirement age of 60 years was expected to be implemented next year after it was gazetted but the date had not been finalised.
The implementation of the minimum retirement age of 60 years will commence six months after it has been gazetted and employers will be given a flexibility period of one year," he said.
On the implementation of minimum salary, Dr Subramaniam said a ministerial committee headed by the ministry's secretary-general Datuk Seri Zainal Rahim Seman would hold dialogue sessions with the relevant parties to settle the issue before it would be implemented next year.
He said every industry in the country had a different salary payment method, so employers must make changes in their payment system.
"I hope all parties involved will give and take in the discussions to ensure the implementation of minimum pay in the private sector can be implemented by January next year," he said. – Bernama
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