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 EPF SELF-CONTRIBUTION

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xcxa23
post Feb 20 2019, 01:18 PM

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QUOTE(Zackwong6167 @ Feb 19 2019, 12:05 AM)
I worked full time in MnC company. Is it possible to self contribute to EPF as well?
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Short answer yes
As long as you got the epf number, can self contribution via maybank2u
Source, from kwsp staff and news at few page back

If still in doubt, jz email or walk in any kwsp branch
pillage2001
post Feb 21 2019, 01:04 AM

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QUOTE(Artus @ Feb 19 2019, 03:37 AM)
From their website, EPF said there are only 3 classes of people that are allowed to do self-contribution:

http://www.kwsp.gov.my/portal/en/member/me...lf-contribution

Like I have said earlier, I have no idea what would happen if a person who is not in those 3 classes made some self-contributions.
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I've tried it. It's doable.
askingquestion
post Feb 21 2019, 01:43 PM

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QUOTE(xcxa23 @ Feb 20 2019, 01:18 PM)
Short answer yes
As long as you got the epf number, can self contribution via maybank2u
Source, from kwsp staff and news at few page back

If still in doubt, jz email or walk in any kwsp branch
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QUOTE(pillage2001 @ Feb 21 2019, 01:04 AM)
I've tried it. It's doable.
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If self contribute, then the money still divided into account 1 and account 2?

This post has been edited by askingquestion: Feb 21 2019, 01:44 PM
xcxa23
post Feb 21 2019, 01:54 PM

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QUOTE(askingquestion @ Feb 21 2019, 01:43 PM)
If self contribute, then the money still divided into account 1 and account 2?
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I don't know since I din ask.. may I know why you need to know?
askingquestion
post Feb 21 2019, 01:55 PM

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QUOTE(xcxa23 @ Feb 21 2019, 01:54 PM)
I don't know since I din ask.. may I know why you need to know?
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Just want to know.
RC1234
post Feb 21 2019, 03:11 PM

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QUOTE(askingquestion @ Feb 21 2019, 01:43 PM)
If self contribute, then the money still divided into account 1 and account 2?
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yes it is divided to acc1 and acc2 , I self contribute via maybank2u
askingquestion
post Feb 21 2019, 03:36 PM

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QUOTE(RC1234 @ Feb 21 2019, 03:11 PM)
yes it is divided to acc1 and acc2 , I self contribute via maybank2u
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Thanks for the answer.

If you don't me asking, are you working or self employed?
Edward_Ng
post Feb 21 2019, 04:12 PM

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i happened to pass by this thread i think Tham had share some great insight for financial freedom, However the early you start the highest you can go, compounding interest is very high when you have hit certain amount.

Look at below picture i have put in some illutration, you can see by yourself how hard to accumlate 1mil and how easy it can accumulate to 2 mil. so richer become even richer =)

below graphic assume 30 years timeline and your salary is around RM5000+ with 5% incremental every year , Dividend is also 5% which we all know it will be higher than that.

user posted image

This post has been edited by Edward_Ng: Feb 21 2019, 04:13 PM
pillage2001
post Feb 21 2019, 11:59 PM

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QUOTE(askingquestion @ Feb 21 2019, 01:43 PM)
If self contribute, then the money still divided into account 1 and account 2?
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Yes.....just like your regular contribution.
MrTaxxi
post Mar 3 2019, 11:06 AM

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i tried to deposit 1k to epf via maybank2u but i guess there should be a processing time? cause it's not showing up on my epf account now..

anyone can tell how long would it normally take?
fuserdef
post Mar 3 2019, 12:45 PM

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Interesting topic, definitely learned a thing or two but I wana clarify something...

So you guys mentioned there is a RM60k limit on your yearly contribution... what I want to clarify is that... the RM60K annual contribution limit is applied only for your own contribution portion ? Or does it represent both you and your employers portion that is totalled up together ?
Cookie101
post Mar 3 2019, 09:41 PM

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QUOTE(MrTaxxi @ Mar 3 2019, 11:06 AM)
i tried to deposit 1k to epf via maybank2u but i guess there should be a processing time? cause it's not showing up on my epf account now..

anyone can tell how long would it normally take?
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Up to 3 working days.

Check next Thursday.
thesoothsayer
post Mar 4 2019, 06:16 AM

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QUOTE(fuserdef @ Mar 3 2019, 12:45 PM)
Interesting topic, definitely learned a thing or two but I wana clarify something...

So you guys mentioned there is a RM60k limit on your yearly contribution... what I want to clarify is that... the RM60K annual contribution limit is applied only for your own contribution portion ? Or does it represent both you and your employers portion that is totalled up together ?
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Should be only our own contribution.
gbmitoban
post Mar 4 2019, 07:57 PM

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after reading this thread, maybe i will allocate 10% of my salary as self contribution
gonfeeces
post Mar 4 2019, 08:24 PM

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QUOTE(Edward_Ng @ Feb 21 2019, 04:12 PM)
i happened to pass by this thread i think Tham had share some great insight for financial freedom, However the early you start the highest you can go, compounding interest is very high when you have hit certain amount.

Look at below picture i have put in some illutration, you can see by yourself how hard to accumlate 1mil and how easy it can accumulate to 2 mil. so richer become even richer =)

below graphic assume 30 years timeline and your salary is around RM5000+ with 5% incremental every year , Dividend is also 5% which we all know it will be higher than that.

user posted image
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why year 1 got 100k already?
Edward_Ng
post Mar 4 2019, 09:33 PM

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QUOTE(gonfeeces @ Mar 4 2019, 08:24 PM)
why year 1 got 100k already?
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it is just illustration. you can start from zero if you want.
fuserdef
post Mar 4 2019, 10:34 PM

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QUOTE(thesoothsayer @ Mar 4 2019, 06:16 AM)
Should be only our own contribution.
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thanks man but do you know if this applies for normal salary employee ?
thesoothsayer
post Mar 4 2019, 11:21 PM

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QUOTE(fuserdef @ Mar 4 2019, 10:34 PM)
thanks man but do you know if this applies for normal salary employee ?
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You mean if your salary is about 45k a month? Haven't reached that an amount yet.
O-haiyo
post Mar 5 2019, 11:55 AM

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Hi Guys,

Need some clarification about the self contribution. Is it referring to employee contribution (increase %) or is it a thing where we can do anytime (meaning that if I have extra money, I contribute)?
Thanks.
SUSTham
post Mar 5 2019, 03:26 PM

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QUOTE(fuserdef @ Mar 3 2019, 04:45 AM)
Interesting topic, definitely learned a thing or two but I wana clarify something...

So you guys mentioned there is a RM60k limit on your yearly contribution... what I want to clarify is that... the RM60K annual contribution limit is applied only for your own contribution portion ? Or does it represent both you and your employers portion that is totalled up together ?
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I think I remember the EPF advisor, My Yazid, telling me
that the $ 60,000 limit only applies to self-contribution from
nonemployees - selfemployed, students, housewives, etc,
using the Form 6A.

For additional contributions using the Form 17 for employees,
already working and contributing, I think there is no limit,
whether the employee's or employer's portion, or both,

I may be wrong, but you can always go to consult any of
the advisors there.

The usual advisors at the branch at Jalan Pahat L15/L,
Shah Alam, are -

Mr Yazid
Mr Iskandar
Mr Fadzali


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