KUALA LUMPUR: The Employees Provident Fund (EPF) has "enhanced and simplified" its policies to enable members aged 55 and 60 to make partial withdrawals of any amount at any time beginning next January.
This is opposed to the withdrawal policies that allows members to withdraw a minimum of RM2,000 once every 30 days.
Members who choose to make monthly withdrawals will also be able to withdraw from as low as RM100 per month, a reduction from RM250 currently.
EPF chief executive officer Datuk Shahril Ridza Ridzuan said the improvements were made based on the feedback from members.
"Our members have asked for more flexibility in terms of withdrawals so we are just addressing those requirements," he said at a press conference on Thursday (Dec 14).
Shahril also announced that members would have the option to appoint Amanah Raya Berhad as the nominee or administrator trustee for their EPF savings.
This, he said, would enable faster and equitable distribution of their savings to the next-of-kin, upon the death of members.