i was responding to your bold part... not how much you are impressed by his age/salary...

The starting base pay for this model is very important. How many 21 year olds can get 3k per month without any sort of working experience?

ah my typing mistake... I bold it for our discussion

np... i started working age 27 @ 2.2k... lol

des why I say in my initial reply to you... we start when we start and get what we get...

whilst I understand the compound interest wrt epf, whereas starting early means a longer period and higher initial capital means a lot more $ at the end... it's moot wrt what age/how much a person can start...

anyways... cheers...

The 3K monthly salay came from a colleague of mine (I have no reasons to doubt him): started at 3K in 2000 at age 21, and then I assume he got no bonus at all; salary increment 3.0% pa.
He did way better than 3% pa increment, as his pay is way more than 6K rm in 2022.

But the point is even with such conditions, he would still end up with 550K rm in EPF now, and when he retires at 60, he should have 2.3 mio in EPF.

A big notice: if a fresh grad now in 2022 starts with these conditions, by 2044, he will have 550K rm in EPF, give or take.
If he starts with 2K rm instead, 360K rm then.
Hence, EPF is a great savings/pension/retirement scheme.

Wah. 1.2K is very good salary in 1983. Chicken rice like 80cent to 1 rm?
imagine using chicken rice as index. 1983 starting pay can eat 1200 plates.
2022 starting pay only 300 plates.

No wonder SG starting pay is min 3K sgd. = 9K rm

also nowadays after covid very hard to get permanent jobs... a lot nowadays all contract basis... some are zero epf...

i dun have enough details on wht type of contract to have a meaningful discussion... it's not your normal employment contract for sure...

oo... nice. and now we get Perodua, not even Proton at RM 33K. ok, my fault... Saga can.

Malaysia got... but you got the decimal place wrong. It is 2.90 rm and the employer will even round down the 3.5 sen.   

In fact only for casual architect without any safety’s net in superannuation 

Remember taxes are higher as well in Australia and GST as well 

and our inflation is based on controlled items pricing for b40... whereas reality is much higher...

What if govt continue to plunder and let give you high return rate in EPF.They know as long all dont withdraw at the same time they wont have issue.
Or bad management that even give you high return % also when we retire also cant survive much due to high inflation rate that govt didnt control well.
Meanwhile sillypore cpf rate is between 2.5% - 4% , does that mean they are not a good govt ?

Or do we want a govt that able to provide the enviroments of creating high quality job for higher pay so the people doesnt really need to rely much of retirement (EPF/CPF) fund.

it matters to some who can take out the money...
i'm sure there are retirees and also those with RM1mil and above balance already...

Ini Unker very clever. But personally, die-die I want to go Hong Leong Bank, one special branch. The few Officers there banyak cxxtik. Just take number n enjoy.  Just don't apply Premier account, as reduce waiting time.

So hoping my experience will help all retires/soon to be retirees too. There's are our selfless sharing. Do generously give a LIKE.

Unker, happy new year... We not very active le, gold n asnb topics oso drop from top#5 trending. .

My gut feel ... waiting till the late minute (end Feb) due to the uncertain USA-Russia Ukraine bubble affecting the global markets, if resolved, announce x%, if it gets worse, announce x-y% as a buffer for next year.

1m - 10m range is too wide

more transparency if broken down further, say

1m - 5m

5m - 10m

If thru responsible governance n rule of law...arrest n seize asset from our 'untouchable corrupts', enuf revenue to pay for many genuine society needs.
No need to rob from the middle class.