EPF at 55: Cabraal The Morning – Sri Lanka News

EPF at 55: Cabraal The Morning – Sri Lanka News By Sarah Hannan

State Minister of Money, and Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal stated that individuals can claim their Employees’ Provident Fund (EPF) even at the age of 55, if they require. With the age of retirement now amended to 60 years, many questioned whether they have to wait until they reach the amended age of retirement to withdraw their EPF monies. Responding to these questions, Cabraal stated: “The retirement age and the age a person could withdraw their EPF has no correlation. Therefore, one can always opt to withdraw their EPF funds when they turn 55. The age of retirement was amended to 60 considering the improvement of life expectancy of Sri Lankans, which averages at 78-79. “Most of the retirees have been known to join private companies when they retire at 55 and are allowed to work till they turn 60, so why not reap the benefits of their expertise by allowing them to be employed until the age of 60?” Cabraal also noted that he had suggested to directly pay the beneficiary 20% of the claim at the time of retirement, and the rest can be made available to them after the retirement process is completed and the necessary documents have been submitted.