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EPF Considering Monthly Pension Payout Scheme Under 13th Malaysia Plan
The Employees Provident Fund (EPF) is currently studying a proposal to introduce a monthly pension payout scheme for its members as part of the 13th Malaysia Plan (13MP). This scheme, aimed at providing continuous income after retirement, is one of several measures being considered to improve old-age income security in Malaysia as the country ages [1][2][3][4].
The proposed scheme involves a restructuring of EPF contributions, separating them into two components: retirement savings (withdrawable lump sum) and a pension fund from which monthly pension payouts would be made to retirees. The government is also exploring the possibility of raising the mandatory retirement age and developing a digital platform to facilitate financial support from adult children to elderly parents [1][2].
The EPF has emphasised that any decision on the introduction of a monthly pension payout scheme would only be finalised after thorough engagement with key stakeholders and careful consideration of members' long-term interests [5]. The document, released by the Economic Affairs Ministry yesterday, aims to improve workers' well-being [6][7].
However, it's important to note that no immediate changes have been made to the EPF's existing rules and withdrawal mechanisms. The EPF has taken note of the government's consideration and is studying the proposal carefully [8]. Any updates on the decision will be communicated through official and timely channels.
In conclusion, while the proposal for a monthly pension payout scheme is under consideration, it remains in the proposal and consultation stage within the framework of the 13MP. The goal is to improve workers' well-being and provide a more secure financial future for retirees.
[1] The separation of EPF contributions into retirement savings and monthly pensions. [2] The proposed monthly pension payout scheme is part of the 13MP. [3] The government is exploring new mechanisms for post-retirement income. [4] The 13MP document was released yesterday. [5] The EPF's decision-making process for the pension payout scheme involves careful consideration of members' long-term interests. [6] The document aims to improve workers' well-being. [7] The EPF is engaging with key stakeholders in regards to the proposed monthly pension payout scheme. [8] The statement about updates will be communicated through official and timely channels.
- The government's exploration of a monthly pension payout scheme in the 13th Malaysia Plan is being studied by the Employees Provident Fund (EPF) in Kuala Lumpur, with a focus on enhancing the financial well-being of retirees.
- In line with the proposed scheme, the EPF is considering restructuring contributions to segregate retirement savings and pension funds, making it possible for retirees to receive regular income in their golden years.
- Additionally, the government is evaluating the possibility of raising the mandatory retirement age and developing a digital infrastructure for facilitating personal-finance support from children to parents.
