From my understanding

Once you paid the $$$...
You cannot ask back the money...

I mean asking for refund.... Say make mistake or something

100 people out of 32 million rakyat is nothing hahahaha

Cross-posted with ASNB FP funds thread: https://www.sinchew.com.my/news/20240702/yl/5728539

Start with smaller numbers...

Later as people knows their objectives... More would join 😉

EPF money is big thing for everyone especially those desperate for $$$

Actually those total balance below RM50k, let them take all of it out. the rest above, keep inside.
these people already have poor planning.... they need to live now..not at 60

Pretty sure the number of contributors with total below RM50k is very little.

Right the next group with <100k will say the same nonsense ... and never end. It's flood gate that shouldn't been opened....

Agreed 👍

Better not open up EPF for all these things...

It's would have negative impact overall

in Singapore you can't even touch your CPF after 55.

Here, not yet 55 already want to kosongkan retirement account

You know what...

Some would say Singapore is small county... Easy to managed... And mentality is different... No tongkat

And government policy is strictly business orientation....

Also some would says... CPF & EPF not really apple to apple comparable.... Their investment portfolio really low risk low rate while EPF is mixture of high risk & low risk...

Don’t discriminate. If allow people >1m to take out then should allow those <1m to take out too.

If you have >1m, chances are you have already secured your retirement fund and you can withdraw your excess above 1m.

If you do not have that amount, then on what basis do you want to withdraw your EPF?

lol... yes, I need the B40 and M40 to spend spend spend.... to improve our GDP so that I can cash out with greater profit from klse equities...

pls pls pls... allow everyone to take out from Account 2 and 3.... the gov of the day will surely be popular...

Very good argument... Maybe they should lower it to 250k as I remember they say we just need 250k to retire comfortably

Again think about it even u save rm1k per month for 30 years you also won't reach 1M

1k x 12 months x 30 years with average 5% dividend you will get around $797,670

You can use excel to count the number see correct or not

At 5k monthly and employee 11% and employer 12%, we are looking at RM1,150 monthly contribution to EPF.

If let's say throughout the 30 years of working, your median income is 5k, that equates to a starting pay of 3k and last drawn of 7k.

I think 7k last drawn is a bit too low don't you think?

Let's say your last drawn is 15k, and your starting is 3k, the median income will be 9k, and definitely you will have exceeded 1 mil

This post has been edited by victorian: Jul 2 2024, 02:08 PM

Those own some car workshop would be very happy 😁

Because each time there's EPF withdrawal... These shops always full house

This post has been edited by nexona88: Jul 2 2024, 02:08 PM

Everyone should save RM1k per month in EPF from age 14 onwards.
At age 55, you'll get RM1,534,077.16
Exclude your working salary which will make it even higher nest egg

Is that even possible to save 1k per month starting from age of 14? Btw in order to get 1k EPF how much must be our basic salary?

it is possible if you are earning a high paying job , remember not all job pays well
and if someone is earning 15k per month then i dont think he needs any withdrawal
the idea is gov/epf have done the analysis that ones need 240k to retire so let just say someone has achieve double of it or even triple of it then gove should allow the mto withdraw

240k you can withdraw 1k per month for 20 years before the fund is exhausted (source = EPF)
so what if you have 480k then is 2k per month which is very good

so Rakyat need to propose to revise the RM1.0 Million withdrawal policy and lower it t0 like 480k or 500k (looks better if keep it 500k)

anything above 500k allow withdrawal from EPF
500k EPF saving is a realistic target and Rakyat will try their best to meet 500k as compare to now 1.0M which i see the number also i have no motivation

any MP here following this forum, please help to propose this to our finance minister



**source**
The Employees Provident Fund (EPF) recommends a minimum retirement savings of RM240,000 by age 55. This would allow for a monthly withdrawal of RM1,000 for 20 years.

stereotyping la...
not very true
even gov approved for EPF withdrawal another 10k, all sector of the economy will benefits, there is no such thing as only car workshop will be busy... every sector will be busy once money is flooded into the market

Adjusting the threshold to 500k will not solve anything.

Those who are asking for withdrawal probably has less than RM50k in their account