these people also not very smart... they should now know the power of their voices and instead focus on demanding the gov to give them UBI instead of withdraw own money from EPF.

Would not getting like 1Krm per month per person be a better deal than 10K from own EPF account?

Do you have online access yet? if not, you still need to go to a EPF office to set it up.

If you have access, then go to the withdrawal tab (kwsp website) and select your withdrawal type. Under savings of More than rm1 million type, choose that and ur bank account and bank name will appear.
(I don't know if other type will display the same or not, but suspect not all will display).

when I did mine, it was a while ago and I did bring my bank statement.

if you have it, no harm bring it... else I think a e-version will do also.

I agree... should make it like 20K rm special withdrawal... once last time before christmas...
if previously can take out 145 billion ringgit to spur the economy, lets target 200 billion this round...

Malaysia's gdp is around 2 trillion ringgit, and if there is a sudden 200 billion spending, that is extra 10% gdp uptick right? somemore if we factor in the velocity of money, it should be better.
Best if EPF source the 200 billion ringgit by converting the overseas investment back to ringgit. Push up MYR value against USD too.

Furthermore, this will solve the issue of EPF being too big and not being able to deploy its aum effectively.

what to do... the last 4 PMs all just want to do the popular actions, and not take the difficult path.

also, I really don't know which is more silly: RM 10K withdrawal or Account Flexible... my gut is telling me both is equally silly.

haha... didn't think of that...

can issue Platinum and Diamond Credit Card too... credit limit is based on Account 1.
Charge 12 to 18% credit card interest, and the income can help those in flexible account to boost their div rate...

nice...

solves the cannot take money out part, at least somewhat... can take out for a month before must settle the spending.

edit:
I just realized. Maybe KWSP should create a new "class" of credit card called Plutonium Card... only those with AUM above 500K rm can quality to get.
and Uranium Card, for those with more than 1 million in EPF.

Status man... can flash for people to see who is a EPF millionaire or near millionaire...

This post has been edited by Wedchar2912: Oct 17 2023, 03:09 PM

Its for closet EPF millionaire to use... so EPF better be smart and make the color really inconspicuous like fully black with a slight radioactive shine...

Joke aside, that's one of the reason why I always tell that I am a BR1M or STR recipient. Those "friends" who always ask for "discussion"/yam cha will stop asking after a while...

get a bit back is just to satisfy one's feeling (don't know the english phrase, but in cantonese is "hei")... also no need to waste effort to optimize in getting STR/BR1M. Like you said, the amount is really not much, especially vs all the tax contributions one has made in one's working life. unless one has been a real B40 since day 1.

btw, still no i-saraan 300rm yet. looks like Nov, if any.

who is this manager you referring? no need links, but can write something for me to google the story?

who knows... incidentally, our ringgit weakened by around 9% also since start of the year. the number 9% is everywhere... haha.... EPF maybe is fated to give 9% div? hehe...

joke aside, epf's overseas exposure is like 37%.... so that means just exchange rate translation gain can potentially give uplift of 3 to 4% (since don't know what % is in usd, just pretend all in usd)
if normal returns can get what we usually expect of 6 to 7%, got hope... but lets hope that hope is the only thing we all can depend on this gov and epf...

This post has been edited by Wedchar2912: Oct 24 2023, 08:53 PM

I wanted to say lets target 9.8%....
but will be damn damn happy with 7.8%....
somemore 7,8 sounds like sure rich

Does more accounts mean more money? hehe....
(maybe gov is trying to fool the B40 into thinking more accounts is better.... )

haha... like that, I prefer the credit card idea... can be e-version, with limit based on all the money in all the accounts.

allow 30 days grace, and then like normal credit card, can start charging 18% pa on outstanding balance....

a new source of income for EPF... yum yum.

that's ok... eitherway also they will withdraw...

this one at least give them chance to access short term liquidity... max of almost 60 days if they time it right....

partner with them lor.... I can see it already... RHB-EPF Tritium MasterCard.... credit limit 240K rm (for those with the minimum 240K amount ready for retirement).

RHb don't even need to allocate credit exposure to these clients... and can get more biz. nice.

edit:
changed the name to Tritium, ie not Uranium. forgot that I did mention Uranium should be for those with more than 1 million ringgit.

This post has been edited by Wedchar2912: Oct 25 2023, 08:10 PM

The talk about higher deduction, especially if by gov, is just talk mostly. If increase deduction, it means less spending money at the now. Which then will mean slower economic activities, and this is not what the gov wants also.

(basically the rationale of why gov lowers the contribution rate whenever econ slows down.)

what @tifosi mentioned is more reflective for those who are earning high income or aspire to earn high income.

when someone is at senior management or high skilled white collar, they don't look at bottom tax brackets. They look at the marginal tax bracket, which incidentally the highest tax bracket usually.

why not? it gov is silly enough to define B40 based on taxable income...
which is what they are doing now....

I get STR, and BR1M previously.

i am not complaining.... I am glad and gloating....

never fail to tell my friends that i qualify for STR.... cos I am a proponent of UBI...

yeah, employers can choose to pay employee's salary the next month instead of end of the month. Basically from the viewpoint of the employers, they already paid the employee early.
By next month arrived, EPF system only counts 1 day dividend rate for whatever amount and whenever settled that month.

If want to, can go blame EPF and make noise at EPF: tell EPF that this day and age, no such thing as money doesn't count starting the date of settlement. hehe.