I am not sure if this is what you had in mind, but I believe EPF has a Retirement Advisory Service. Maybe not many are using these service.

This post has been edited by Cyclopes: Oct 15 2020, 12:09 PM

Ah i didn't know... didn't see this when looking around their website...
Anyway, in doing the survey, they asked this feedback as the last question

The RAS is free right?

as per their website...

Our Retirement Advisory Service is free-of-charge for EPF members.
https://www.kwsp.gov.my/member/retirement-advisory-service

Yup 👍

Isn't there already somewhat of a similar mechanism in place now? I recall that interest rates are lower for age 70 and above. Not sure if this also applies for those who have RM1m or more in their EPF.

really got this condition?
what is their rates? how much % lower for them?

can't seem to get the stated rate for them from kwsp site.

IIRC this issue were discussed in d media n epf came put to say members of all ages getting the same rate.

It was a question, not a statement. I believe MGM has already proven me wrong:

was there really had this issue before or EPF actually really practiced before, where EPF did gives interest rates lower for age 70 and above.?
or it was just rumours or speculation previously?

Sorry I think I remember wrongly. The issue was about whether those members above 75 still earning dividend not different tiers.

https://www.thestar.com.my/news/nation/2015...rrent-age-limit

I support model for:
- having medical allocation *less strain to subsidise medical, plus private insurance companies been enjoying for far too long
- higher % for first x amount *Or have is same as minimum savings amount
- higher % for people above certain age *I think should have cap though like 2mil

This post has been edited by roarus: Oct 15 2020, 09:46 PM

https://survey2020.kwsp.gov.my

Interesting survey to see where EPF is heading. Please request possibility to deposit more than 60k per year voluntary contribution if you answer the survey

Just done my survey.

Very disappointed with the survey, as if it is compiled by students. Questions they ask, given data can be confusing to some (unless one is familiar with EPF working).

Feel that they want to make some changes and are using this survey to justify the changes, regardless of whether the survey supports their agenda.

Feel strongly against the 2 tiers dividend. Every RM should be treated the same.

Same feeling I got. Some questions seems cleverly worded to lure people choose certain answer.

Just hope everyone doing the survey realize there won't be 'higher dividends' out of nowhere. For example, 'higher dividends' for age 60 and above also means 'lower dividends' for those below 60.

I am ok if they give higher dividend only to people who get the minimum wage up until a cut off 2k salary per month for example. This makes much more sense to me rather than 600k or 1 million cut off.

Interesting.

Like to do a quick check to see the effect of this 2 tier vs 1 tier.

Looked for % EPF amount by shareholders on the web. Cannot find any. If you know any please share here. I.e.

RM
50k x%
100k y%
200k z%

Then I can estimate what is the impact to the rest if they increase the 50K group dividend by 1% at the expense of others.

maybe the impact to others is little (say, 0.1%) while the 50K group gains a lot from the 1% increase. Then that may be worthwhile. Helping others without really suffering a big loss on others.

Cheerio.

https://www.theedgemarkets.com/article/epf-...t-2-withdrawals

Bingo! Thanks.

Did my quick rough check using 2 cases.



Case 1

The group < RM20,000 gets higher %. The impact on the rest is small as the load is spread over a large group.


Case 2

The group <RM500,000 gets higher %. The impact on the rest is huge as the load now is spread over a much smaller group.

This is not 100% correct as what they have suggested is like this, say RM900,000, the first RM500,000 gets higher % while the remaining RM400,000 gets lower %. I have not included this as I do not have enough data refinement to do that. Eg how much is RM1,000,000?

P/S This is my ball park estimates. I can be way off the mark.