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Retirement laws in Petaling Jaya fall under the Malaysian federal law. The mandatory retirement age in Malaysia is 60 years. However, the Private Retirement Schemes Act 2012 has enabled the establishment of private retirement schemes as a long-term voluntary savings mechanism for individuals, providing additional options for retirement planning.
Individuals might require legal assistance in navigating the complexities of retirement plans and pensions, handling disputes over retirement benefits, tax planning, and estate planning. You may also require the assistance of a lawyer to understand and navigate retirement law and regulations, particularly in cases of conflicts with an employer regarding retirement rights and benefits. Lawyers can provide you with valuable advice and guidance and ensure your rights are protected.
The main laws governing retirement in Malaysia include the Employee Provident Fund (EPF) Act 1991, and the Retirement Age Act 2012. The EPF Act mandates that an employee and their employer contribute towards the retirement savings, while the Retirement Age Act sets the compulsory retirement age at 60. Additionally, the Private Retirement Schemes Act 2012 allows individuals to voluntarily contribute towards private retirement schemes and the Pensions Adjustment Act 1980, which governs the pension for public sector employees.
The mandatory retirement age in Malaysia is 60 years. However, an employee can retire earlier if it is stipulated in an employment contract or if both employer and employee agree.
The EPF is a social security institution that provides retirement benefits for its members. Both employers and employees are required to contribute a certain percentage of the employee's wage to the EPF.
A private retirement scheme (PRS) is a voluntary long-term investment scheme to help individuals accumulate savings for retirement. The PRS is regulated by the Securities Commission Malaysia, and contributions to PRS are eligible for tax relief.
Bar Council Legal Aid Centres provide free legal advice. However, for more complex issues, you may need to hire a private lawyer. Malaysia's bar directory allows you to search for lawyers by area of practice.
Employers cannot dismiss an employee on the grounds of age before they reach the mandatory retirement age unless it specified otherwise in the contract of employment. Legal experts can help further clarify your rights in such situations.
The Employee Provident Fund (EPF) and the Securities Commission Malaysia are key institutions to turn to for any enquiries about retirement funds in Malaysia. Additionally, the National Council for Older Persons and Aged Care Group may provide helpful resources and support.
If you need legal assistance regarding retirement rights, it's advisable to seek professional legal advice. Contact your local Bar Association or Legal Aid Centre in Petaling Jaya for an appointment. For more complicated cases, hire a private lawyer specializing in employment law or retirement. Always ensure that you understand all your rights and options before making any decisions regarding your retirement.
