The World Bank has proposed raising Malaysia’s Employees Provident Fund (EPF) withdrawal age from 55 to between 65 and 70, citing the country’s ageing population and longer life expectancy.
World Bank Malaysia Raise EPF Age Withdrawal
The recommendation, outlined in its latest report, aims to ensure pension sustainability and allow retirees to receive higher benefits. Currently, Malaysians can access social pensions at 60—well below global norms.
The bank also urged expanding coverage to include elderly citizens without retirement savings. To avoid public backlash, the proposed changes would apply only to new applicants. Implementing both reforms simultaneously, the report argues, would protect public trust and fiscal stability.
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