suri rumah...
gov employees also can have epf accounts

how to impress the world if speak in local language?

their benchmark is global in nature...

bye bye PMX... he just lost many votes, including mine.

lol

i think its around 40K rm

haha...

I downloaded to verify that my excel remains accurate. Off by 2 cents, which again is due to rounding error.

btw, for everyone's comfort, EPF pays div interest for funds withdrawn from EPF up till the date of withdrawal....

so, those who wanted to withdraw money for monthly expenditures, it is in one's interest (pun intended!) to withdraw what one needs on weekly basis vs monthly.

This post has been edited by Wedchar2912: Mar 4 2023, 03:00 PM

you have to keep track of each cashflow (in and out)...

the cashflow that goes in, the daycount needs to be rounded down the last day of the month (of the in cashflow).

the cashflow that goes out, the daycount ends on the date of withdrawal.

Some likes to do rolling balance, which is error prone and hard to troubleshoot.
I treat each cashflow as if separate EPF balances and then sum up all the dividends.

But each year I will be off by a few cents and I never spent the time to figure out to round up or down.

nope... still a way to go before reaching 55....

I never tried using the app... I used the kwsp website to withdraw.
First time, must register for online withdrawal in person, at a proper EPF branch (I did mine many years ago, and I brought alone my bank statement. The bank account must be single name, and yours). Afterwards, can just do so online. Smallest I had withdrawn was 1K rm, largest online was 30K.
(from my records, seems to be T+1 settlement at end of the day all the time).

Maybe this year I will try the app and will share here afterwards the experience.

oh no lar... nothing wrong... just different approaches (also just preferences... )

She just need to go through the hassle once and afterwards, everything can do be done from comfort of one's home.

I just have to test the whole system out first, as it was always my plan to have EPF to contain all my liquid cash in Malaysia. EPF is way safer than any Malaysian banks.
I trust the system so much now that I only have like 5 to 10K rm buffer in my savings account for use.

If damn bad luck hacker hack my bank account, my risk is that buffer. One reason why I didn't bother with the kwsp app. But after so many years, i guess most issues with the app should be ironed out now.


no FD since last year (or was it the year before).

I think it is more about being informed and understand how our financial system works.

a) EPF has better credit standing vs any Malaysian banks
b) indirectly, EPF funds are guaranteed by GOM with min return of 2.5% pa
c) member's funds in EPF are creditor proof/remote (ie ring-fenced off that even Director General of Insolvency also cannot touch)
and many more.
These 3 reasons alone make EPF a damn attractive institution of value storage.

There is another soft reason: Less likely to kena banking scams when one keeps minimum cash in a bank. The scammer has more and harder hurdles to overcome to get my cash from EPF, and then into my account and then out.


one of main risk/consideration against putting more of one's MYR cash into EPF is liquidity, but this is largely alleviated as one age.

you got save the pdf or not?

later log back in missing a digit will die of heart attack one he...

no idea... that's the reason why I said I needed to try it out... in theory, no...

what are you talking about... we currently already have tiered dividend.....

shariah and conventional... lol

ai yoh.... cannot catch the sarcasm meh?

eitherway.... it is all in one pool... they never did separate it out properly if you read between the lines of what PMX said.
(like non-smoking corner vs smoking corner but no wall separation)

This post has been edited by Wedchar2912: Mar 5 2023, 12:22 PM

I am not so sure if separating the portfolios is necessarily better for the syariah pool.
There will be better accountability and visibility for sure, but in the same time, syariah EPF will not be able to "ride" on the conventional side for scale.

Another issue one may not realize... if we buy the idea that the many of muslim EPF members are of the B40 and M40, and this groups are the ones clamoring to get 10K to 30K out, the syariah pool will shrink even further and become of lesser relevance in the fund management world.
This will be very disruptive to the management of the funds and literally kill div performance.

This post has been edited by Wedchar2912: Mar 5 2023, 03:27 PM

Did I say all?
and that was your main concern?



This post has been edited by Wedchar2912: Mar 5 2023, 04:09 PM

the good thing about this full segregation (if they indeed split it out properly) is that the conventional pool will be able to operate without interference due to religious belief.
I strongly believe in the financial industry being a important segment of the Malaysia and global economy, and hence must be included in a proper broad based fund like EPF. Interest rate to me represents the cost of value.

Anyone who disagree with me on this, can I borrow 100 million ringgit from you and then return the same exact amount back to you 10 years from now?
I'll pass mgs of that notional to you even, so that u will not have any credit risk on me.



This post has been edited by Wedchar2912: Mar 5 2023, 04:18 PM

This is just EPF balance in ringgit, not the full networth. Furthermore, the T20 is just the top 20 of all the members in EPF. we have a few more million people with pencen...

plus we like to say that there are many millionaires from entrepreneurs like chicken rice sellers.

the sad thing is that malaysian employees never really benefitted from a proper wage of international standard, unlike SG.

a favorite question many would ask... (one that when I was younger, I didn't understand the significance... but now I appreciate a bit more)...
better to be a usd millionaire in SG or in MY?

Without detailed stats from EPF, we can use the active members profile info provided in the 2021 annual report to make a guess (pg 66).

active members is around 7.7 million persons. count the ones from highest bracket up to about 770K persons (it is between the 200K to 250K rm) bracket and get the average.

Works out to be around 510K rm.

T10 of active members are doing well!