KUALA LUMPUR (Nov 3): Akaun Emas, to be introduced next year, will serve as a second retirement nest egg for Employees Provident Fund (EPF) members, the retirement fund said today. The new account, EPF said, will allow members to accumulate extra savings should they continue to work between age 56 and 60. Savings parked in Akaun Emas can only be withdrawn when members reach the age of 60, to ensure the sufficiency of their retirement savings. Speaking to pressmen at a media briefing today, EPF chief executive officer Datuk Shahril Ridza Ridzuan said Akaun Emas was initiated as the pension fund realised that average Malaysians continue to work beyond the age of 55. Despite the creation of the new account, Shahril said the current age 55 withdrawal will be maintained.

Source: The Edge Markets November 03, 2016 08:29 UTC