Argumentative Essay - Employees’ Provident Fund in Malaysia

        Recently, Malaysia government’s intention to amend the Employees’ Provident Fund (EPF) Act and plans to increase the withdrawal age to 60 has aroused a debatable issue. However, by raising the withdrawal age to 60 instead of 55, it can bring heaps of hindrances to the contributors. Therefore, government should not raise the EPF withdrawal age because the contributors already have plans for their money, a life span of an individual and want to enjoy an early retirement.

        Firstly, the contributors already have plans for their money. At the age of 55, they are mature enough to manage their savings after transferring it out from the EPF fund. For instance, some of them might plan to pay off all their financial commitments, traveling around the world, or even sending their children abroad to further their education and others. By extending the withdrawal age, it is already too late for the citizens to plan and manage their finance when their real retirement kicks in.

        Secondly, government should keep the withdrawal age at 55 because of a lifespan of an individual. There are some contributors might not even able to live until age 55 because life is full of uncertainties. With the withdrawal age of 55, the probability of someone still being healthy is higher and they could utilize their savings to transform lives. For example, before the age of 55, there might be people suffering from diseases and they are desperately in need for the monies to restore back their health. If they can only withdraw their savings during 60 years old, it is already too late for them to seek for treatments and hence, it could lead them to further health complications. Yes, it is true that there is another alternative to overcome this crisis, which is by getting a medical loan. However, after getting the loan, you might need to worry about how to repay the debts for the rest of your lives.