wah... nice man.... still have gratuity from your firm? I thought those almost no longer exists anymore...

What an envious position to be in... Some more right timing to retire: we are about to open up and can choose to travel around already. Consider taking first class/biz class for safety purposes?

Talk to your company on the possibilty of moving the gratuity direct into epf. It will circumvent the 60k limit. Use to be able but policy could change.

I retire early a number of years ago. My company give me option either receive in cash or transfer to epf. I chose epf of course. But need to talk with your company.

Glad to be of help. Just dont encourage others as epf will have problems handling too much funds. Ha ha

Very rare... Giving equities/stock options still have, but gratuities. Plus you still get EPF contributions from employer?

gratuity and EPF contribution by employer... wow... you really got a sweet deal...

I believe the 248 persons refers to all EPF members, both active and passive, as 14 million persons referred in this table from theedge attached by other forumers is the full members.
Hence why I always said these are the likes of CEOs and ex-CEOs and the C suites members...

Most definitely... Plus there will be more new members due to the fact that we as a country still churn out fresh grads or school leavers.

And older folks like us would need to subsidize these poor and/or young members just by virtue that their balance is low; if the tiering is to happen. How does 10% sound to them? nice rite? until they realize that 10% on 5K rm is just 500rm.
So the really poor person who really needed help now can eat a few more meals and go back to being poor because EPF is the wrong indicator of poverty.

What I am interested to see is how many new 248 members there will be..... another 50 to 100 extra?   

Agree. 10 is a bit too hard to achieve for most. 1-5 is more achievable.

Depends on how you define "professional" I guess.
If it generally just means working adult, then the vast majority of working Malaysians based on the wage data would find the RM1 mil mark way out of reach.
Now if you gate "professional" as having to come from a certain industry and working at a specific level, for example a Department Head in a large Bank then yes that RM 1 mil mark is much more achievable. But that also means that this categorization of "professionals" are a tiny minority in the larger population pool.

Perhaps we are splitting hairs here. Psychological studies already show that a large percentage of humans will always favour short term immediate gains over long term goals which seem distant. Not many B40 will say no to an immediate infusion of RM10k to their bank account. The government is merely trading short term popularity with a longer term problem of social welfare when all these people hit retirement.

The problem here is that the working adults who ironically stand to benefit from EPF the most, B40, will never get that number because starting pay low, no increment etc, and a vast number nowadays also rely on gig/informal work that doesn't pay EPF unless they self contribute

they'll be hard pressed to see the benefits of EPF when many live from paycheck to paycheck

proverty is a spiral

End value can be mathematically computed

Current kwsp basic saving sum target is 240k....
In another 35 years it may also had risen

Per Nov 2021 article..
Only 27 per cent of Employees Provident Fund (EPF) members, aged between 18 and 55, are estimated to have sufficient savings in account 1 based on its basic savings quantum, the Dewan Rakyat was told today.
https://www.nst.com.my/news/nation/2021/11/...antum-threshold

Thus if everything remained the same,...
The % of members not able to met the basic sum target set 35 yrs later would roughly the same too?? 😎😉

thats why I don't get the poor B40 group of people.... EPF is already there to help everywhere get out of the poverty trap.

Covid19 and the economic slowdown are bad... understand. But Epf is not the solution. Ask for direct help from the Gov. The government is here to help, not here to ask you to help yourself.
But the cynical side of me... the politician minded side, if you will.... would say pls... go ahead and drawdown the 10K rm and spend spend spend. I have exposure in Malaysia equities and this must be good for the stock market.... TQ BN gov for helping everyone, but the richer ones will benefit more.

wah, SNES chrono-trigger my era worrr.. secret of the silver blades, ultima

The thought of withdrawing from EPF and not receiving a salary every month is kind of unsettling to me.

But yes 47 is about right age, not too old to enjoy.

After certain age, the body degraded too much and health issue will start to prop up

These days 47 is too young.  Many are still strong at 60 like you mentioned.  Unless God has different plans.

60 is still young la boss.

I see some of my Board members 70 dah still enjoying their work life 

why not just put everything in EPF to get 5-6% compounded return? 

I leave very minimal in my bank account, but in some ways, I feel a bit poor. Call it negative wealth effect. 

I think many retirees do this, that’s why they are dependent on no change to the structure since it is their main cashflow.

glad and envious at your deal.... seriously rare and damn nice... 

but hopefully you will not do any actual work anymore for your "new" contract work, but pass on your experience, knowledge and work ethnics to the younger ones in your firm.

We don't have enough people with right skill set, and many of the older folks are retiring.

So are you sucessful in diverting your gratuity into epf ? Hopefully can as mine was done sometime ago.

Just sent me  a starbucks voucher will do..