World Bank: Malaysia's EPF Withdrawal Age Should Be Raised to 70, Current Limit of 55 is “Too Low”

World Bank: Malaysia's EPF Withdrawal Age Should Be Raised to 70, Current Limit of 55 is “Too Low”

The World Bank has proposed raising the Employees Provident Fund (EPF) withdrawal age to 70 years old, saying the current 55-year limit is too low for Malaysia’s increasingly ageing population. In its latest report, “Should Malaysia Expand Its Social Pension? Global Evidence, Design Issues and Options,” the bank suggested that setting the withdrawal age between 65 and 70 would better reflect the country’s current demographic trends.   “Malaysia’…