KUALA LUMPUR: The preliminary results of the two-week Employees Provident Fund’s (EPF) Enhancement Initiatives members’ consultation, which closed yesterday, showed most EPF members want to be able to withdraw their retirement money in full at age 55.

In a statement yesterday, the EPF said the consultation that started from April 21 and hailed as the largest ever public consultation carried out in the country, received 96,448 responses from members.

EPF chief executive officer Datuk Shahril Ridza Ridzuan said the results of the consultation will be analysed and presented to the EPF board for further elaboration and deliberation on the next course of action for improvement.

The consultation came about after the EPF announced last month that it was considering changing the permissible age for members to withdraw their savings in full, from the current 55 years to 60 years.

Prime Minister Datuk Seri Najib Razak, however, subsequently said the age for full withdrawal by members of the retirement fund will be retained at 55, after taking into consideration the views of the public.

Shahril also said due to the success of the consultation and the massive rate of involvement by members, the EPF is looking forward to utilise the consultation platform to actively engage with members “for any other initiatives concerning their retirement well-being”.

This article first appeared in The Edge Financial Daily, on May 7, 2015.