A bill to amend the EPF Act has been tabled today for first reading.

Here are some of the highlights:

1. To expand the choice of investment available to members of the Fund and EPF Board may authorize transfer of any amount standing to the credit of such members into fund management institutions from the date such member has attained the age of fifty-five years.
2. No contribution and no dividend may be credited into a member’s account after such member has attained the age of seventy-five years. This is line with the proposal to make it compulsory for a working member to contribute until he has attained the age of seventy-five years.
3.EPF Board may transfer all sums of money standing to the credit of a member to the Registrar of Unclaimed Money when such member has attained the age of eighty years.
4. Transfer of credit of a member of the Fund in accordance with the division of matrimonial assets order
5. Good news for many: any member can make a withdrawal to help his spouse who has taken a housing loan to settle or reduce the housing loan without the need to be registered as a co-owner of the house; to allow a member who has a credit that exceeds RM1 million to make withdrawal,withdrawal for the purpose of taking up a health insurance policy