Old news la.

Finally managed to bank in EPF self contribution via Maybank online but I have to make multiple $5000 transaction and $$ is in EPF account after 3 days.

It is still better than depositing by cheque, which may take more than a week, in one of my experience. Furthermore, I deposited the cheque in one of the EPF branches. Otherwise, I do not know how long it could take by posting.

Last year, I did few online transactions. The credit happened within 2 days only, previously, usually 3 working days.

Of cause, do not do it during the weekend or Friday.

This post has been edited by kpfun: Jun 24 2016, 10:47 AM

credit in?
those are only number...until u cash out..

I normally do it our the counter n debit from my account @MBB, n the amt will be into my EPF account the next day.

This post has been edited by MGM: Jun 24 2016, 02:36 PM

I'd transferred online on 21/6- 22/6(PH) and checked this morning, it was already deposited in by 23/6/16. Will place more up to max limit once $$ are in MBB later.
With so many negative news on the current economy & Brexit, I'm happy with dividend as low as 5%. Anything above will be a bonus.

EPF and ASNB are the best option for people who refuse risky investment.

You may need to take note on this message:

***
Section 51A
Transfer to the Registrar of Unclaimed Money
51A.
(1) Notwithstanding section 51, the Board may transfer all sums of money standing to the credit of a member of the Fund to the Registrar of Unclaimed Money when such member has attained the age of eighty years
***

I'd finished placing $$$ at ASNB and now placing some in EPF as a form of diversification.

If I may ask, what's the max age for self contribution into EPF? If I've placed max $60k in June, 2016, which date can I place another 60k next year? Do I have to wait for June, 2017 or I can do it in Jan, 2017. I forgot to ask EPF staff on my last visit.

It is counting by year, not period. I did before, 120K split over Dec and Jan. Both, dividends were released correctly.

Good. I can place more in Jan, 2017. Thank you. Any idea max age for self contribution?

See below the announcement by EPF. But, I do not have the latest update of whether the amendment has been made or not.

There is no say in EPF about the age limitation of self contribution. Therefore, the current act allows the contribution goes up to 75.

The earlier message that I pasted from EPF, which saying EPF has the right to transfer our balance to the Registrar of Unclaimed Monies for members who reach 80.

I am not sure, does the above message indicated that the amendment has already been made to 80, but not as proposed 100 in the original.

I may want to check with EPF because I plan to live until at least 90. hahaha... have a good day.



***********************************

Clarification On EPF Dividend Payments From Age 75 To 100 Years


The Employees Provident Fund (EPF) wishes to clarify on the EPF Enhancement Initiative 3 pertaining to the extension of dividend payments from the current age of 75 to 100 years old as announced on Monday. This initiative only applies to members who voluntarily decide to keep their savings with the EPF post full withdrawal age.

Members who wish to maintain their savings in the EPF will continue to receive dividends up to the age of 100 years old and may withdraw them at any point in time. Subsequent to 100 years old, any unclaimed savings will be transferred to Registrar of Unclaimed Monies.


We emphasise that this proposal is not linked to the options to align the full withdrawal age with the minimum retirement age of 60 years, of which the first option is to extend the full withdrawal age from 55 to 60 years on a staggered basis over 15 years. The second option maintains the age 55 withdrawal for existing savings and introduces a new age 60 withdrawal for contributions of those working past the age of 55.


Issued by
Corporate Affairs Department
Employees Provident Fund

************************************

Date: 22 April 2015

This post has been edited by kpfun: Jun 25 2016, 10:39 AM

@kpfun

Thanks for your info. Have a nice weekend too.

This post has been edited by twinkle5129: Jun 25 2016, 11:34 AM

not many could live until 100yo but if yes. then it's very good

Sorry wrong post

This post has been edited by nightzstar: Jun 26 2016, 03:47 PM

Huh... 100yo!!

saw in newspaper today..

EPF contributors to have more investment options.

Effective 1st August 2016, Funds with foreign exposure over 30% of Net asset value to be offered under members scheme

so u might have more choice of funds to pick from..

Which means we can see the recommended fund by EPF.

the new list would be out then

These funds must be invested through mutual fund companies as usual? Or FSM also can?

FSM can la.