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> KWSP contribution

perfect10
post Mar 25 2013, 05:54 PM


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just wondering if anyone knows if we can contribute more than we are suppsoed??

now my company, I have volunteered to contribute 11% as required. But on a monthly basis, I want to contribute more. I have additional RM500 to top up on top of the 11%. How can I get to do this topup contribution and is it possible?

this is cause the epf interest rate of 5-6% is way much better than keeping in my bank FD
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kangwoo
post Mar 25 2013, 06:03 PM


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can contribute/add by yourself through cimbclicks...
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adolph
post Mar 25 2013, 06:05 PM


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QUOTE(perfect10 @ Mar 25 2013, 05:54 PM)
just wondering if anyone knows if we can contribute more than we are suppsoed??

now my company, I have volunteered to contribute 11% as required. But on a monthly basis, I want to contribute more. I have additional RM500 to top up on top of the 11%. How can I get to do this topup contribution and is it possible?

this is cause the epf interest rate of 5-6% is way much better than keeping in my bank FD
*
perfect10,

For my info, If you're self employ without company, you may just apply Skim Simparaan Persaraan 1Malaysia, as mininum contribution is $50 to maximum $60,000 yearly but only opened to self employ without fixed salaries income. if you are fixed salaries earner, it is still not opened to the public.

Info,
http://www.kwsp.gov.my/portal/ms/general/1...-savings-scheme
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porkchop
post Mar 25 2013, 09:40 PM


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Eh then the employed got no way of getting this benefit?? No cimbcliks unfortunately
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1klgan
post Mar 27 2013, 12:08 AM


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If you simply want the EPF return without all the fancy 1+M schemes, you could add to your EPF account anytime using the borang KWSP 6A(1) - Bayaran Caruman Pilihan Sendiri. There use to be no restriction to the amount you can top up. But since another con scheme was launch called the PRS scheme, this one is now restricted to RM60k a year. The last time I checked, anyone with the EPF member number can top up, regardless whether you are employed or self employed.

Get the form here http://www.kwsp.gov.my/portal/documents/10...diri_v.2013.pdf
It is the same form but with the 1Malaysia line this time :-)

Another option is to plan a retirement investment using unit trust. A way of diversifying your retirement fund, instead of putting all in a locked-up, restricted, penalty and return depend on politician's mood n election kind of scheme.

just a thought :-)
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mickey1991
post Mar 27 2013, 12:32 AM


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QUOTE(kangwoo @ Mar 25 2013, 06:03 PM)
can contribute/add by yourself through cimbclicks...
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how through cimbclicks?
got link?
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FirezZ
post Mar 27 2013, 08:47 AM


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if you have MBB, you can do self contribution just with 1 click smile.gif

This post has been edited by FirezZ: Mar 27 2013, 08:48 AM
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magika
post Mar 27 2013, 10:14 AM


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QUOTE(perfect10 @ Mar 25 2013, 05:54 PM)
just wondering if anyone knows if we can contribute more than we are suppsoed??

now my company, I have volunteered to contribute 11% as required. But on a monthly basis, I want to contribute more. I have additional RM500 to top up on top of the 11%. How can I get to do this topup contribution and is it possible?

this is cause the epf interest rate of 5-6% is way much better than keeping in my bank FD
*
Its possible to increase the contribution as mine has been on par and on certain months exceed employer contribution. You need to download Kwsp form and submit to your employer. The increase monthly contribution is in % rate. Erratic top up contribution can be done also if not mistaken upto RM60k from this year onwards. Previously it was unlimited.


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wwl86
post Mar 27 2013, 09:29 PM


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QUOTE(mickey1991 @ Mar 27 2013, 12:32 AM)
how through cimbclicks?
got link?
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For Cimbclicks, after you logged in,
on the top part, look for My Investment > EPF. Key in the details then you're done

This post has been edited by wwl86: Mar 27 2013, 09:30 PM
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wwl86
post Mar 27 2013, 09:37 PM


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QUOTE(FirezZ @ Mar 27 2013, 08:47 AM)
if you have MBB, you can do self contribution just with 1 click smile.gif
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How to 1 click r?

Once logged in, still need to click Investment -> EPF right?
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mickey1991
post Mar 27 2013, 10:27 PM


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QUOTE(wwl86 @ Mar 27 2013, 09:29 PM)
For Cimbclicks, after you logged in,
on the top part, look for My Investment > EPF. Key in the details then you're done
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that's mean i can pay EPF myself?
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FirezZ
post Mar 28 2013, 12:55 AM


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QUOTE(wwl86 @ Mar 27 2013, 09:37 PM)
How to 1 click r?

Once logged in, still need to click Investment -> EPF right?
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yes, it is under the investment and you created a acc for the epf.. then to make sure.. u just bank in some small amount to the epf.. then next month double check your epf account see if that has been banked in or not biggrin.gif
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kangwoo
post Mar 28 2013, 01:49 AM


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QUOTE(mickey1991 @ Mar 27 2013, 10:27 PM)
that's mean i can pay EPF myself?
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thanks for other forummers for replying to your earlier question rclxms.gif

once a while u explore clicks...epf...make sure u know your epf no, same with amanah saham, unit trust etc


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mickey1991
post Mar 28 2013, 10:29 AM


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QUOTE(kangwoo @ Mar 28 2013, 01:49 AM)
thanks for other forummers for replying to your earlier question rclxms.gif

once a while u explore clicks...epf...make sure u know your epf no, same with amanah saham, unit trust etc
*
so example.
if i pay 1k EPF for myself in each month
i will get the 1k in my EPF for each month isn't?

then i can apply for loan or something?
just get some details! thanks u guys
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foolc
post Mar 28 2013, 11:02 AM


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is this for sure? meaning we can top up our epf account?

looks like too good to be true
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kangwoo
post Mar 28 2013, 12:24 PM


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QUOTE(mickey1991 @ Mar 28 2013, 10:29 AM)
so example.
if i pay 1k EPF for myself in each month
i will get the 1k in my EPF for each month isn't?

then i can apply for loan or something?
just get some details! thanks u guys
*
what is relationship between put money in epf with getting loan approval?
loan you need bank saving/current statement and epf statement (example housing loan). dunno other loans.
then maybe your money better remain in saving/current.after loan approval then put your money into epf
not expert doh.gif


QUOTE(foolc @ Mar 28 2013, 11:02 AM)
is this for sure? meaning we can top up our epf account?

looks like too good to be true
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can lor

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mickey1991
post Mar 28 2013, 09:02 PM


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QUOTE(kangwoo @ Mar 28 2013, 12:24 PM)
what is relationship between put money in epf with getting loan approval?
loan you need bank saving/current statement and  epf statement (example housing loan). dunno other loans.
then maybe your money better remain in saving/current.after loan approval then put your money into epf
not expert doh.gif
can lor
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but i wonder why cimb only offer this

because cimb is our PM brother open 1 =.=
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wwl86
post Mar 29 2013, 04:54 PM


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QUOTE(mickey1991 @ Mar 28 2013, 10:29 AM)
so example.
if i pay 1k EPF for myself in each month
i will get the 1k in my EPF for each month isn't?

then i can apply for loan or something?
just get some details! thanks u guys
*
Yes, you can self contribute to your EPF account.
via online banking. it's easy only. maybank, cimb. etc....

but why does it link with loan?

QUOTE(foolc @ Mar 28 2013, 11:02 AM)
is this for sure? meaning we can top up our epf account?

looks like too good to be true
*
there is always pros and cons..

Pros: encourage savings, decent return, safe (not 100% safe la, there is still risk)

Cons: not so liquid.. money locked in for long term (mainly retirement purpose), although you could still withdraw under certain circumstances..

This post has been edited by wwl86: Mar 29 2013, 04:56 PM
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mickey1991
post Mar 29 2013, 07:30 PM


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so if i apply loan like for car.
if they see my epf statement.

can i apply for the car loan also?
since i every month topup my epf account. haha
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adolph
post Mar 30 2013, 01:25 AM


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QUOTE(mickey1991 @ Mar 29 2013, 07:30 PM)
so if i apply loan like for car.
if they see my epf statement.

can i apply for the car loan also?
since i every month topup my epf account. haha
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Mickey1991,

Yes, you may use it to as a document to apply for a car loan. however, your own contribution will not be consider as your payslip and will not be eligible to add on for your car loans. Once you print your EPF statement, you will be able to view "caruman sendiri" at the left corner sides where all bankers especially loan advisory or executive had been taught not to used it as documents. Employee and employer contribution in a same bracket will only be used as calculation for your car loans.
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mickey1991
post Mar 30 2013, 10:47 AM


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QUOTE(adolph @ Mar 30 2013, 01:25 AM)
Mickey1991,

Yes, you may use it to as a document to apply for a car loan. however, your own contribution will not be consider as your payslip and will not be eligible to add on for your car loans. Once you print your EPF statement, you will be able to view "caruman sendiri" at the left corner sides where all bankers especially loan advisory or executive had been taught not to used it as documents. Employee and employer contribution in a same bracket will only be used as calculation for your car loans.
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i get it what you mean already. thanks u
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helob
post Jun 19 2013, 08:46 PM


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I am a retiree (67) but still hold an account with EPF with some cash.
Since EPF is paying much better dividend than FD or TD, I am thinking of putting a certain sum into my account monthly. Have check with EPF and was told that I can contribute min RM50/mnth and max RM60K/yr.Any downsides to this scheme?
Would appreciate feedback from participants.
TQ

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cwhong
post Jun 19 2013, 10:35 PM


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QUOTE(helob @ Jun 19 2013, 08:46 PM)
I am a retiree (67) but still hold an account with EPF with some cash.
Since EPF is paying much better dividend than FD or TD, I am thinking of putting a certain sum into my account monthly. Have check with EPF and was told that I can contribute min RM50/mnth and max RM60K/yr.Any downsides to this scheme?
Would appreciate feedback from participants.
TQ
*
downside is cannot suka suka withdraw when u needed the money like for emergency usage...... Pls ensure you got ur nominies for your EPF (e.g. sons or wife)

rest assure EPF which is Government entity it was the safest among all the investment (but someone may not agree on it)

i have been told if anyone declare bankrupt the EPF amount is untouchable ....... this is very good advantages if TRUE .....
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Pink Spider
post Jun 19 2013, 10:37 PM


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QUOTE(cwhong @ Jun 19 2013, 10:35 PM)
downside is cannot suka suka withdraw when u needed the money like for emergency usage...... Pls ensure you got ur nominies for your EPF (e.g. sons or wife)

rest assure EPF which is Government entity it was the safest among all the investment (but someone may not agree on it)

i have been told if anyone declare bankrupt the EPF amount is untouchable ....... this is very good advantages if TRUE .....
*
Not really.

If u keep the money inside EPF, yes your creditors cannot touch. But, u wanna keep it there til when? Til u die?

The moment u take it out, EPF will credit to your bank account. The moment it reaches the bank, your creditors can touch. Happened to a friend.
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cwhong
post Jun 19 2013, 10:39 PM


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QUOTE(Pink Spider @ Jun 19 2013, 10:37 PM)
Not really.

If u keep the money inside EPF, yes your creditors cannot touch. But, u wanna keep it there til when? Til u die?

The moment u take it out, EPF will credit to your bank account. The moment it reaches the bank, your creditors can touch. Happened to a friend.
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then only one options is keep till die .... rclxub.gif
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