yes...

You can take out from EPF on the following conditions:-

1. 55y

2. 50y. 1/3 can take out

3. Migrate to another country

4. Medical disable. Cannot work

5. Housing loan/downpayment/to finish loan

6. Retirement from government. (if taking EPF and not pension scheme)

7. Amount more than one million. Anytime can withdraw. but 1 million cannot withdraw. Let say u have 1.1 mill, only 100K can withdraw anytime if you want.

Monthly self contribution (on top of the annual $60k) via Borang 17A. I think, up to X% of your monthly net salary. (ie, your after tax n mandatory kwsp deduction)

If you r serious, go check eligibility at KWSP, only applicable if you work locally.

Reading your posts, likely you a Bumi... Have you maxed the ASB123? I apologise if I come across as uncouth.

May I know what the reason behind this proposition?

Good idea if one have a million in epf to make all the self contribution available when needed again. Can treat epf as high yield saving account.

If you have say RM1.5mil in your EPF, you can even transfer RM400k direct to your wife EPF account from yours instead of RM60k yearly. If both already more than rm1mil category  then nothing much to figure out.

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.

EPF is the fund for retirement, and recent changes had made it better:

- dividends paid till age 100.

- upon age 55, Account 1 and 2 are combined into Account 55.

- Account 55 can be withdrawn online... no limits on the withdrawal frequency and amount. Better than FD.

- if the epf member is still working after age 55, his contributions are into another Account Emas, and it can only be withdrawn at age 60.

- if the member has more than 1 million in Account 1, he can withdraw the excess amount (before reaching age 55).

- And best of all, EPF has becomes an online agent for selling unit trust funds. EPF members, who have excess amount in their Account 1, can purchase unit trust funds at special low rates.

Hence, because of the difficulties of setting up tier rates as explained in above post and EPF's objective of being The Fund for retirement, I don't think tier rates will happen.

If EPF has issues with some members putting in too much and excessive amount of money into it, and since EPF cannot close the fund to fresh investments (as like other unit trust companies), they can make a new policy on not paying dividends (or the guaranteed rate of 2.5%) on the portion of the accounts that are above the X amount.

This policy is similar to paying dividends till age 100. This means no more dividends even if the member is still alive and kicking after age 100.

And I think the cut-off X amount would most likely be a fairly high amount so that it would only be revised after at least 5-10 years due to inflation.

The cut-off point or ceiling amount, I guess, would be RM2 million.

Guys what is your comment on this?

T20 withdraw savings via i-Sinar to invest in gold, stocks

KUALA LUMPUR (Feb 4): Almost half of the people in the T20 income group who were polled by the UCSI Poll Research Centre said they used — or would use — their i-Sinar withdrawal to invest in gold and stocks.

According to the survey, most of them were aged 40-55.

The survey involved 809 people with 47.7% from the T20 group, 31.1% from the M40 group and 35.3% from the B40 group responding that it would be for this purpose.

“Interestingly, investment was one of the main reasons for a i-Sinar withdrawal, particularly among the T20 group.

“Even in these challenging times with the Covid-19 pandemic, there are people who see an opportunity and want to seize it,” the research centre said in a statement today.

It added that for those aged 26-55 in the B40 and M40 income groups, repayment was the main reason for their Employees Provident Fund withdrawal.

The research centre also found that only 48.6% of respondents used the money for food and groceries.

https://www.theedgemarkets.com/article/t20-...est-gold-stocks

actually epf annual report of FY2018 shows there are 39,610 ppl with savings more than 1million, so meaning at least RM39bil there not to mention some of these ppl may have RM2million or RM3million, so conservatively we  an expect the percentage around 5% of total assets?

If tiered dividends are implemented, who is motivated to keep his money in EPF anymore?