I have been always wondering what does it mean to be "Self-employed individuals"?

completely not working at all vs working as a hourly wage worker or grab driver.... do all 3 types here qualify for the 300rm?

and how are they going to check?

funny right? accountants, doctors, lawyers can get 300rm... If a working doctor who is a heart surgeon can qualify for 300rm, I think gov should just give everyone 300rm.
and housewives but not househusbands?

EPF also funny one...

agree they most probably won't put in extra 2K, but I believe many of them already do self contribution to get the 4K tax deduction. They just need to select i-saraan option i/o self contribution option. Assuming they are aware of it.

very true... I helped my brother with some grocery shopping and i took 5 rm extra from him for my services...

great idea...

and no way they can verify this, although it is very true...

so jealous.... 2020s and still can get retirement gratuity.... only thing better than that is government pension at full salary rate... haha.

you have to select i-saraan option... that is listed as one of the condition I think.

eitherway, I am still waiting...

actually, thanks to compounding effect, if 100K per year, can reach 1 million by 8 years.

so as late as 47 can still do so before 55 years old...

wow... your kids should be grateful to have such a parent who even plans and provides for their retirement... !

But I don't get the issue... (not my usual rant)

We are earning in a low cost low remuneration country called Malaysia, and some of us can even afford to send our kids overseas to high cost country called Australia or SG or USA or UK... but we complain that myr cannot stretch far enough because we could not buy outright a house or apartment of value X aud or Y usd or Z gbp for our kids... or why is it that we cannot make our kids outright millionaire before they start working?

This is really half empty way of thinking...

IMO, we should say that we are damn lucky and great that we are able to earn so much that we can look forward to buying outright or at least put a big down-payment for our kids before they even start working. This is after paying for their education overseas. Do we know how rare this is? Did our parents even do that for us when we were studying?
(heck... we at least have the choice/opportunity to contemplate about doing all these right?)


Ok, the complain about Malaysia... stupid ringgit... crashed from 2.50 to 4.71 against USD...
luckily against GBP is almost flat and against AUD is just from 1.9X to 3.0 only... if only it appreciated to 1 against AUD... then we most probably won't have sent our kids overseas to study as something must have been right about Malaysia...

pat ourselves on the back that despite all the bad management by gov of malaysia, we still have options! and our kids have way more options than we did.
(ie despite bad luck, we are still doing well... if rely on GOM, then really big headache like what majority are facing. So it is all due to our hard work)

edit: forgot. At least we have EPF as storage of wealth in ringgit terms. can still consider to use this tool to park wealth (ring fenced to be creditor proof) for our kids if we want to. FDs is not as safe as you think.

This post has been edited by Wedchar2912: Oct 7 2023, 07:35 PM

alright... my apologies for the poor choice of word. But my message remains the same.


...we complain can state the fact that myr cannot stretch far enough because we could not buy outright a house or apartment of value X aud or Y usd or Z gbp for our kids...



This post has been edited by Wedchar2912: Oct 7 2023, 08:29 PM

Actually I am not really a property guy... prefer financial instruments to hold my wealth.

I lived overseas before, mainly in the states. There, the main reason why it is more advantageous to own is due to tax deduction, especially if high income. But back then, I didn't plan to work there long term(yeah, not very smart of me in that sense), so not worth the hassle vs renting.

I suspect australia maybe have the same optimization problem. If it is under your daughter's name and your daughter gets to deduct the interest component, it may be more advantagous to own vs rent. But would your daughter be stationary or mobile and move somewhere since she is still very young.

I thought the mortgage rate there is quite high now?

not wishing property prices to crash here, but imagine if BNM allowed OPR to go up and our mortgage rate jump to 7 or 8%.... lagi headache here...

forgot to add that at least our ringgit would not be this weak.

This post has been edited by Wedchar2912: Oct 7 2023, 10:21 PM

maybe I am just too stupid.... but one of the economist really pulling crap from his arse...

Malaysia's equity market market cap is like almost 2 trillion ringgit????
average div from these guys are like 5% (i just guess) and so that is around 100 billion... that economist claim can get 60 billion in tax?

sure can.... then bursa index will become 888.88 already from 14XX.XX. haha

haha... i forgot.... a idiot when said he thinks, doesn't mean much....

what kind of rubbish economists do we have?

no lar....

it should be anyone with more than RM 240K, dividend will still be given but government autotax 90% of said dividend...

because anything above 240K rm means one's retirement is secure right?

just being alarmist for a hot sunday....

but ar... if we really think about it, why epf always keep on harping about RM 240K?
also, I am waiting for big brother gov to say that retirees are not supposed to be living in the cities, but move to rural area... then no need so much money and rural area air is cleaner. And retirees already no use to society anymore, so their dividends/passive income should be taxed max to help the citizens of the country... remember what you can do for the country, not the other way around....

(and in same time, go tell students overseas to return to malaysia despite these students spending their parents hard earn money for education.... so that Malaysia can get cheap labor of better quality brains vs whatever we have here???)

First time have to go to EPF office... bring along your banking statement (electronic version also can I guess) just in case. The settlement account must be only in your name.

once registered, you can withdraw from the app... smallest I ever tried via app is 500rm, largest was 30K. But that day I saw I can type 50K although I didn't proceed.

anyone can contribute into a epf account (voluntary or i-saraan). So as far as I know, nothing is stopping you from throwing say 100K rm per year into your kids' account.
you just need to know the EPF account number and name.

Just be aware that the money will be stuck inside your kids' account unless the balance reached above 1 million ringgit, and to withdraw is up to your kids.
(only need close to 8 years to push the balance from 0 to 1 million if contribute 100K per year)

But it is so weird... such prime location/building and they use it as old folks home location...

or maybe PJ and KL people are really rich and can afford central location for retirement...

over simplification....

we should have a couple of million civil servant staffs or ex-staffs and their spouses under pension.... lets pretend it is like 3 million? so that is already an extra 20% to 30% of EPF's active members.