CPF is the way for govt to earn the most monies and force it's citizens to keep working of cuz you dont propose EPF to emulate CPF haha. Instead you propose EPF to emulate US social security system instead. Take note all systems have pros and cons. I think CPF is best for govt to earn monies. As for US social security system I got no comments becuz I feel it will not earn as much monies as CPF scheme.

Now you know why Spore govt super rich becuz they are cunning and ingenious to milk monies from it's citizens to be cheated by other countries in failed project etc.

Why it is easier for them to dish out 6% after the withdrawal of RM 100 billions?

you have to ask them lor...

given 2 saving funds with good long track record.. one gives you 6%... the other 10%... which one you choose?

if you are young and have ability to generate 20-30% pa and more. .. why would you wanna get stuck in epf for 6%?

for these self contributors... they are probably comparing with banks... so obviously epf is more attractive

i diy liao... 12% up this month


redeemed all my mutual funds before covid crash...

left epf funds untouched... let it "pay" for my housing loan...

You could not been more correct, especially the last sentence.

I just don't understand why Malaysians in general became green eyed when they see others succeed via hard and honest work (well, more honest than politicians and MACC chaps), but are ok with politicians and gov abuse their power and miss-spend national coffers.
To the point of defending essentially proposed theft via EPF just to cover the government's failure in ensuring proper development.

oh well.... pls pls pls, if want to help the poor, do Universal Basic Income. Just divert Petronas's yearly payment to this scheme instead of paying to gov.

EPF is not the problem.

They act as a collector and investor.

The problem is

1. low wages from employer
2. employment that is contractual  that do not pay EPF, majority of which are low paying gig jobs...

Politicians keep targetting EPF, but never solve the problem of low wages in our country...

you solve the low wages problem, EPF problem automatic solved...

Oh Rolex for investment ok ok. Pretty unconventional, but makes perfect sense.

As long as your kids understand the Rolex is for investment and not something else that's fine.

I personally might prefer giving my kids some shares of blue-chip companies as a gift, at least productive assets are easier to understand than stuff valued solely based on demand and supply. But well since your kid's case is different, your method certainly is one alternative.
The web portal works fine though. No sign of maintenance for the web version.

friend punya friend punya friend 10 yr old AP bought RM 100k sold 1.2m

friend punya friend bought Rolex 40k...  3 weeks later worth 60k... lol... goreng because very long waiting period and other reason... lol

according to this article....should be BEFORE 2010...just like Jonoave mentioned...

..few years to get data, replan mechanism.....start new mechanism in 2010,....should be few years before 2010

updated....found year 2005 starts of self contribution (for self employed)...

i should think there is ceiling to mandatory contributions.
Otherwise for this year, i will ask my employer to deduct 50% of my salary for EPF! 

Had a fast look at the EPF guideline.
IMO anything above the mandatory 9% employee contribution is voluntary. And the voluntary is maxed at 60k.
So if i am already contributing say 100k, then i am not eligible to top up any more.

So i can ask my employer to max out their contribution and deduct from my salary? 

Not too sure whether i posted it before.

I am treating Epf as my my kitty bank ( retired) . So the most important aspect of it is that i must be able to withdraw whenever i need to painlessly. Its only this year that i realised    that Epf  have an online withdrawal facility, so for those interested here is my experience.

Searching online and reading faq from epf regarding it even make me a bit unsure of the process. Whats mentioned is that if you did a physical withdrawal before then the next withdrwal done online is without hassle. However official sources says that you need the following steps to enable future hassle free online withdrawal.

1. Register for tac at epf booth.
2. Do a withdrawal online.
3. Wait for an email asking to be present at the couner for manual scanning of ic, fingerprints n bank account number.
4. Wait for approval n wait for money to be sent to bank.

The next online withdrawal will be seamless then.

However i am a stubborn person n always want to challenge things  .

1. I went to epf to register tac. If i did an online withdrawal then , i would have to wait dunno how long, maybe have to come back the next day to complete the first stage process. Not wishing to do that, i have other things to do that day also, i did the following step.
2. I immediately went to the counter n did a manual withdrawal of RM50.00. Upon geing queried by the counter on the reason so, i told her that its to facilitate future online withdrawal, it nearly went into a long argument. I think i handled it well , so the process went on smoothly.
3. The withdrawal was deposited in my bank the next day after 5pm.
4. I then did an online withdrawal and seamlessly the money was received by my bank the next day n time as well.

So hoping my experience will help all retirees too .

Now who started it first? I am very happy to slowly let my EPF grow organically until leechers come and knocking at the front door. Talking about wanting to be fair, yet want to impose a double taxation to our hard earned money. Calling people selfish, but forget that ownself wants to be a leecher. Fair agains't what? Are we actually stealing from those members with low EPF amount? They can wait for their money to grow like everyone else before this. Money don't fall down magically in a couple of years. Where are all these SJW when the goverment implemented so many unfair policy? At the end of the day, we do not steal from anyone yet leechers are calling us selfish for diligently saving our money. Are YOU a leecher too?

for some of us, ie those of us who are middle age to elderly... we can stay here. Just make sure significant portion of our wealth is already overseas invested. (i think 50% to 70% will do. Don't worry about taxes. we are nobody and it is not like we will transfer back 1 mio ringgit worth every year to be noticed)

The country going down the drain is almost not our problem anymore, but we can still try to put up positive influences and/or vote for the right party.

(but i also gave up on oppo parties... so how leh?)

For me I withdrawing my EPF 10k and invest it on my own.

If i am not mistaken,... I think I read money had to be in before 1st of the month。。。
For I read forummers mentioned they had to bank in end of last year to take advantage of full dividend next year。

Need real users to confirm it...

yup

... but M'sia 67% bumi... this means 13% bumi doing better than average...