Any latest update since last post?

any idea if the form is out to sign for the 11% stay? cuz i ask my hr yesterday they say form not out yet

How long will dividend be paid following the death of a member? My dad passed away a couple of years back and dividends have been paid so far every year. The last time I visited a branch, the staff there told me that dividend will be paid until a nominee initiates the withdrawal process by submitting the death cert etc, otherwise it will be paid until the member age reaches 100 years old.

KWSP website also lists the below
https://www.kwsp.gov.my/-/epf-no-change-to-...e-60-withdrawal

I have some concerns that I just thought about recently.

1. Will JPN one day notify KWSP that my dad is already deceased and thus KWSP will stop dividend payments to his account?

2. If the above never happens, KWSP notes that dividend will continue to be paid until the member reaches 100 years old before it is transferred to the Registrar of Unclaimed Money but some websites pointed me to the UNCLAIMED MONEYS ACT 1965 where an account which has been dormant for 7 years can be transferred to the Registrar of Unclaimed Money at any time. Which one is applicable in this case or do I need to add payment to my dad's account to keep it active?

Appreciate if anyone has some experience on this. My family feel that it is a waste to withdraw the money and to stop benefiting from the dividend payments.

No longer eligible for the death benefit as at the last time I visited the branch.

Well, guess I have to see if anyone has experienced something similar. The few times I have made inquiries, none of the staff have mentioned this though. Each staff said that the money can be kept till 100 years until death cert is submitted.

The original question, the dividend payments, and whether the account will be listed as dormant account and transferred to Registrar of Unclaimed Money. Another user brought up death benefit which I answered that we are no longer eligible for.

Anyone checked if EPF open? Should be considered financial institution right

Yes he is right. I cannot see people will put back the money they withdrawed from account 1, plus the compounding effect means even if you put back a bigger amount a few years down the road, the compounding effect has reduced drastically. Did a simple calculation on compounding calculator, your 10k maintained in EPF with constant 5% dividend will become 25k in 20 years time. With a lot of the people having less than the required savings for retirement, this 25k could really make up a sizeable portion in their retirement fund. Plus a 10k withdrawal allowed in one off or over a period of time is gonna do damage to the country in 20-50 years to come when the current working generation retire. They will have lesser retirement funds meaning government will have to spend more to help these people, and this in turn will burden the working group during that time. It will be a move that will affect the next 20-50 years.

Meanwhile, I believe there are genuine cases where people are really facing hardship putting food on table. It'll be a tough job for government to do a balance act on this. More scrutiny in allowing those that only need the withdrawal to survive will take time and this mean assistance not channeled in timely manner. Looser conditions will mean more people going to abuse it.

a lot probably got 'brainwashed' by the thinking I spend now I enjoy now, when the problem come in later years it will be solved by then. But I guess the best way how this can be done is to channel the EPF withdrawal direct to banks to pay for car loans house loans etc and should be a cash withdrawal (transfer to epf account holder's bank account). This is the only way to prevent abuse it for lifestyle expenses.

While it may not help the ones need money to put food on table, but i think this is the direction in the implementation in allowing withdrawal of EPF as it touches on retirement fund.

huhuhuh...
so this week is the day...
5% hopefully.. higher even better

Just wonder is it a MUST for KWSP to declare the dividend by February every year (as their year end was supposed to be 31st December) or it has been by historical tradition they have been doing so???

Different from ASNB they have been declaring dividend on the month of that particular fund's year end (eg. ASM1 YE 31st March so we were always informed of the dividend in March and get the dividend 1st April)