Prime Minister Anwar Ibrahim says the government is working on a mechanism to protect the welfare of pensioners and will make announcement on it in due time. – The Malaysian Insight file pic, July 6, 2023.
Anwar, who is also finance minister, said the government is working on the details of the mechanism and will make an announcement soon. On June 27, the Federal Court ruled that legal amendments made in 2013, which introduced a new pension scheme that adjusts pension payments every year by a 2% increment, were unconstitutional and less favourable to pensioners.
Meanwhile, Anwar said the government was open to a suggestion by the Employees Provident Fund to make it mandatory for new EPF members in the future to withdraw their savings periodically instead of a lump sum upon reaching 55 years old.However, the prime minister said certain constraints had to be taken into consideration, including the fact that the savings of some EPF members were too small.
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