KUALA LUMPUR (May 6): The preliminary results of the two-week Employees Provident Fund's (EPF) Enhancement Initiatives members consultation which closed today, showed most EPF members want to be able to withdraw their retirement money in full at age 55.

In a statement today, 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's chief executive officer Datuk Shahril Ridza Ridzuan said: “We are delighted that the consultation has received overwhelming response from our members. They have taken this opportunity to interact with us and provide constructive feedback.

“The enhancement initiatives involve major policy changes and it is vital that we engage our members through the members’ consultation, as we will not make any decisions without obtaining their feedback.

"We have also taken the opportunity to consult with interested organisations, including the Malaysian Trades Union Congress, Malaysian Employers Federation, Federation of Malaysian Manufacturers, and political parties.”

The results of the consultation, he added, would be analysed and presented to the EPF Board for its further elaboration and deliberation on the next course of action for improvement.

The consultation came about, after the EPF announced last month (April) 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.

Meanwhile, in the same statement today, Shahril 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”.

Shahril also said EPF members had taken the opportunity to access the information through the EPF website and i-Akaun.

"We have also seen a significant number of new i-Akaun sign-ups during this time," he added.