quite a few (maybe 20% of the people there)... as in they looked like 60 to 75 years old type.

I rather take out....

looks like my hope of having 10 million in epf will never happen, regardless of age. haha.

The point is to keep at it, remain in employment and grow the pot. Your future self will thank the you now.

we better keep on telling them to be more transparent...

if not, some smart alec will do a paradigm shift and propose that EPF should follow CPF... cannot question, and Acct 1 gets 4% pa; Acct 2 gets 2.5% pa. Acct 3 gets 1% pa

then how?

the follow SG CFP what-if thingy implies a super major change in the EPF Act... by then, I am pretty sure the politicians would already remove the min 2.5% and may intro even more stuff that we commoners may not think of today.

btw, this is my stupid what-if crap... most probably will never ever happen.

don't think so... I think the delay is how to allocate between the 3 accounts (say a contribution of 10K goes where), and what rate to provide for account 3. 2.5% min is quite bad as FDs are above that.

the riot only works if a certain majority group goes down and make noise... people like you and me... you know, the SAVERS pretending to be B40, won't have much impact...

cos it is always acceptable to penalize the savers....

for 2023, i am just curious on why the reserve ratios are do different between conventional and shariah.

and how the assets are separated.

oh... the annuities feature? this I suspect may happen. As long as it is a reasonable amount like 240K rm (this number EPF been displaying like mad) at age 60 and above is fine with me...

logically can just treat it as annuities or FD that one will never use. But I know many will not be happy too, cos the loss of freedom over one's asset.

EPF, being the fund management entity, should not be worried about the 2.5% guarantee, as this guarantee is provided by the guarantor... which is Federal Government of Malaysia. Not their job to reserve when the guarantee is provided by third party...

just saying...

you mean this clause?

under Section 27,
(3)
Notwithstanding paragraphs (1)(a) and (b), no rate of dividend exceeding two and one half per centum per annum shall be so declared-
unless the Board is satisfied that the ability of the Fund to meet all payments required to be paid under this Act is not endangered by the declaration of such rate; and
if any sums advanced by the Government of Malaysia under section 28 have not then been repaid.


reading this, it has a different meaning... it just means don't declare if cannot meet the payment. Our case now is please purposely under declare by 15%...

you applied yesterday right?

I applied mine on Monday afternoon in person... money arrived this morning.

So yours maybe tomorrow?

imagine someone who started working in 1987.... and today is 2024, and he is 60.
isn't it a lot better that he has at least 1 million, than nothing, using the assumptions inputted here?

Yeah, starting pay in 1987 of 2K is considered very high, lets start at 1K rm and keeping increment of 3% with zero bonus. This chap today has 500K in EPF. And his current pay at age 60 is 3K rm thereabout.
Not too shabby for such conservative numbers rite?

This post has been edited by Wedchar2912: Mar 7 2024, 10:34 PM

I know my old ex-colleagues (as in they are real retirees now) did say that when they started working in the 1980s, their starting pay was like 1200 or 1300 ringgit in the financial sector. There are variations, but 1K rm is definitely on the low side in 1980s.
The thing is... does the assumption of 3% salary increment for whole 40 years of working life make any sense?


Incidentally, I also found this old post.

https://forum.lowyat.net/topic/2226853/all

This post has been edited by Wedchar2912: Mar 7 2024, 11:24 PM

he will be miserable and should be ashamed of himself... 3% salary inflation with no promotion and wage adjustment?

may I quote you as an counter-example in future whenever a person said starting salary of so and so (like 1 to 3K rm type) and cannot have many millions of retirement weath after hard and honest 40 years of work?

problem is... where is the MPs who are supposed to question the FM on all these weird numbers and get a proper explanation from the FM...

reserve ratios of 85 vs the shariah's much lower ratio...

would this not be a clear example of robbing Peter to pay Paul?

not a bad deal really....

imagine senior enough a post... instead of 30K rm per month, get 27K rm per month... what... on time, can go home...

just check the official website.

https://www.hasil.gov.my/individu/kitaran-c...elepasan-cukai/