To all full timers,

I just want to know if you all got donate your own EPF / SOCSO since uber and grab is not considered an employer and so its not under the regulation legislation

If myself with choice,

I say fk no and rather spend all on buckets of booze in happy hour bar daily

You may do your own investment.
But admittedly, it can be more risky than EPF.

under new act to b passed in parliament this month, every driver compulsory donate to socso even u got your own PA insurance already

for EPF, there is voluntarily scheme to donate every month, originally designed for self employed ppl that don have EPF. so yes, you can do this also since the interest rate (returns rate) is better

I see

will check 4 more details

Contribute can deduct income tax too

Donate to someone that play around with your money until ur 60? No way

Running Grab / Uber fleet is my main business and I voluntarily bank in a consistent sum monthly so that:

1. Income tax deduction as mentioned by Sunny Zombie. Max RM6k per year from your income. If u declare RM60k, it's 10% off!

2. The amount u saved gives u a relatively decent Interests annually which can be withdrawn when u buy a house. This is not as easy to draw out but definitely better than FD.

3. Banks use EPF as a way to see if you are the real deal if you want to apply credit cards or any other facilities, shall u require it. Say if you want to tell the bank u make RM10k per month - 8% from Employee, 12% from Employer = 20% or RM2k is contributed to EPF monthly.

Do this for 3 to 6 months and u can generally have access to the best credit cards like the Maybank 2 Premier cards with 120k income eligibility.

Just my humble opinion. Cheers.

This post has been edited by carbnb: Jul 28 2017, 05:53 AM

okie. will consider all your proposals.