That's vote including me 😁

I hope EPF & PMX see how unpopular this thing is....

Actually I will do monthly withdrawal thing voluntary but the thing is I need RM5k monthly and that amount to be increased by 3%-4% yearly depending on inflation rate and I guess this value will be different from person to person. If they use RM240k/20 years without factoring in inflation then my EPF can last me till maybe 200 years old. So my vote is NO and if they still do, I will vote the next PM who say can take out my money.

This post has been edited by batman1172: Jul 7 2023, 10:39 AM

All these time I had planned on taking out just the yearly dividends but now reading all these, I just might withdraw everything. I’ve no more trust in EPF even if they U-Turn on this one. Anyone else feels the same?

I agree with you, the 240k figure also make me doubt their ability.

Just some numbers, to think about the chances of implementing the mandatory 240k minimum sum lock up, ....

the number of active members who had reached the basic savings target of RM240,000 by the age of 55 had dropped from 36 per cent in 2020 to 29 per cent at the end 2022.

71 pct of EPF contributors aged 55 and below do not have enough to rise above poverty level.

As of December 31 2022, a total 6.7 million contributors or 51 per cent of those aged under 55 have savings of less than RM10,000 following the withdrawals.

"With this amount, the members only have on average RM42 a month in retirement fund over 20 years."

https://www.google.com/amp/s/www.nst.com.my...ough-rise-above

Mainstream news is publishing komitiam news

https://www.msn.com/en-my/news/national/ens...d0b867ba4&ei=14

However, the EPF should set a certain limit for the withdrawals or members might deplete their savings pretty quickly.

“Perhaps, limit it between RM500 and RM1,000,” he said, adding that they can be allowed to withdraw only monthly or quarterly each year.

Same concern. At this point, wait and see.

Easy to withdraw everything.

Where are you going to put your million withdrawal in? FD?

That’s another headache. *Sigh*

you can put in FD, other investment, Bursa, overseas market, give some to children, allocate some for children education, marriage, and off course own use later on la
if you put in FD, many banks will love it especially new funds with big amount, they give you special rate.

RM240k x 5% dividend = RM12k pa.

Theoretically, RM240k will last you a lifetime of RM1k monthly withdrawals if EPF consistently gives no less than 5% pa. Then as we age, we start increasing to 2k a month and so forth to match inflation, then eventually, it will drain the total sum away. This is good for those who has already planned their financial retirement without touching EPF. EPF is like spare money when needed. And if unfinished, leave it to nominee. But knowing people, even with financial literacy, some cannot tahan touching that money. That's why so many old people have so little money left after 5-10 years after withdrawal. Sudden influx of money, spend it and poof, gone before realizing it.

But seeing EPF the way it is, people are beginning to feel apprehensive to leave their money in there.

Want to be like Singapore, but when similar rules and regulations implemented in Malaysia, all cannot take it 🤣. Its definitely good to set a limit of withdrawal for those account with less than the threshold. Anything extra, epf will allow you to withdraw all after 55 or 60. that's quite common sense. Why so many act react weirdly.

Because many want the special EPF withdrawal like during Abah time 😁

Already have other investments. FD rates will not beat EPF. Even with special rates.
So how?

If you are able to withdraw ONLY 1K per month and still have the balance upon 75, then why should EPF want to lock your money if you want to take more than that? That is just plain mindless. Keyword is at least RM 1K and 20 years...

personally, I believe there is no need to over react.... all ok to relook into one's plan and do some future planning or some small adjustment.

If one planned and executed properly (plus a bit of good luck), by the time we all reach 55 years old, 240K rm should be a small part of our retirement funds. Allow me to just use a simple example for illustration.


say at 55, one has 3 million ringgit (arbitrary number). if epf wants to hold 240K rm, so be it... let them hold it.... just take it as either we keep 240K rm with MBSB (yeah, I know, not very safe) earning 5% pa FD rate, or we can pretend that we just spent 240K rm on a car.
eitherway, because we still have 2.8 million left, wait 2 to 5 years, our funds would have grown back to 3 million at least.

But if say at 55, one only has 800K rm (cos spent a lot on kids education), then 240K rm is a big amount. But if one really think about it, doesn't this mean that the 240K rm in EPF earning 5% or above is really a good deal?


Eitherway, in reality, stopping the special withdrawal used up so much political will... implement this as mandatory... I just wonder how much our PMX is willing to lose.

You don't need to worry much about this...

really doubt EPF will implement the worst version I can think off (hopefully not due to lack of imagination). Which is the one that regardless of amount, everything is converted into annuity where only 1K rm is allowed to be withdrawn.... defies logic... imagine having say 2 million in Epf but can only withdraw 1K per month

Plus, who are the top 248 members and those with above 5 million in EPF? these are ex or current CEOs and C suites people with connections... sure these guys will make noise too.

keep inside there and sponsor your government lo.

what if people only have all their savings in EPF, maybe 1-2 million but outside nothing left.
then if everymonth only withdraw small amount, die lo.
the money how also cannot finish lo

One drawback that i can think of is if the 240k can be offset any mortgage that should have higher interest rate than epf dividend, then member might be at loss.