QUOTE(cute_boboi @ Nov 9 2020, 11:53 PM)
On a separate topic of cash value, if someone has the total savings including non-active contributors ... otherwise based on the same 2018 picture, how much dent assuming a certain savings range decides to withdraw all out of EPF (as per RM500 x 12) or whatever, for simplicity sake, let's say every single one of them are able to withdraw everything !!!
Total 2018 savings = RM 612,374,018,597 i.e. 612 billion
0-5k savings = 1.01% of total savings = RM 2,525,873,976 i.e. 2.5 billion only, not even making a dent
0-50k = 11.82% = RM 72,404,550,698 i.e. 72.4 billion only
0-100k = 26.96% = RM 165,079,861,913 i.e. 165 billion
Bear in mind of the assumptions above that every single one is able to withdraw everything. If we reduce it to max 6k per person, using the earlier post individual count, and lumping the rest of non-active contributors (2.1M) into the 5001-6000 savings range,
0-5k savings = same as above RM 2,525,873,976 for 5.96M people
0-50k = 21,202,779,168 i.e. 21.20 billion for 11.18M people !
0-100k = 28,939,149,168 i.e. 28.94 billion 12.47M people !!! EPF only has 14.19M contributors (both active and non)
as compared to 2018 total of RM612 billion. A very amateur layman EPF contributor estimate from me, it will not even dent EPF funds. Which I doubt when some mention earlier EPF will be in trouble, need to sell holdings/bonds, etc. for the 12x RM500 monthly withdrawals.
Bonus calculation: if every single person perform an eligible 6k withdrawal (for each range max limit, without 70:30 ratio) the total withdrawal is 39,240,339,168 i.e. RM39.2 billion only. Assumption is the remaining 2.1M non-active contributors are at the lowest 5001-6000 range.
"It is projected that the total payment for Account 1 withdrawals will involve RM4bil." Source :
TheStar Budget 2021: LiveBlogAlso note that the annual contribution of employee / employer into EPF is 71,466m cash in 2018, assume the same amount in 2020/2021 for argument, the max withdrawal of RM39b assumption above still wont make a dent, even further assuming that contribution received by EPF is half thanks to covid (this itself is also unlikely). Hence it is not likely that EPF need to sell their asset in anyway to fund this withdrawal..
QUOTE(cute_boboi @ Nov 9 2020, 11:58 PM)
But the point is, it must add the non-active contributors, to be able to skew the % so high (32-42%).
The figure will not tally, after all they have 2020 latest directly slice and dice to their requirement for presentation, we had only 2018 published.
I also think that it must include non-active members.
And non-active members will have lower average for many reasons...
The non-active average saving = RM32.4k
total epf asset - total active member asset (833,763m - 612,374m) 221,389m divide by 6.83m non-active
Active members have average saving of 83.2k (612,374m/7.36m)
And active members have 2.5 times more in EPF than non-active on average.
The whole point is that EPF net is not as wide as many people perceived, with only 7+ million active, that's only 25% of the population. Total members is only 50% of Malaysia population. The statistics of 42% dont have 5k in account 1 brought about a whole lot of kopitiam chatter... but to me look quite believable.
And in the manner of budget announcement, it is like everyone will get a piece of the cash from EPF, but the reality of the stats pointed otherwise.. only for EPF members only, and those with money only. From what we see above, more possibly active members than non-active members that will have the means to do this withdrawal.
A whole lot category of malaysia population are just not likely to have EPF, self-employed individuals, freelancers, musicians, artists, hawkers, vendors, and so forth.
Many chatter on this topic sometime miss the forest for the trees, this EPF withdrawal is only RM4b estimated, and is up to the EPF member individual decision, and wasnt even government money to start with. Where is the scrutiny for the big elephant spending in the budget?
More fun facts...
If one have more than RM500,000 in the EPF, congrats, that is top 2% of the
kuli active members world...
Nov 10 2020, 12:34 AM
Quote
0.0311sec
0.65
6 queries
GZIP Disabled