Among the proposals was having the withrawals as "interest free loans." So, dividends is paid on the withdrawn money too. LoL.

This is cooking the ledger... interest paid to non-existing money.

Since there is no proposed deadline when the withdrawn 'loans' must be returned back to EPF, we should be more adventurous and give everyone future "imaginary loans".

Give everyone an "imaginary loan" of 200k for their future earnings. So, 200k added into each account, but the 200k is non-existent.

This would be better than the initial proposal, because more dividends will be paid on the non-existing 200k than on the non-existing 10k that have been withdrawn.

Brilliant!

Sei sohai 7 million poorfags...even if give them another 2% extra, will it save them? No! This is because the gov has failed the people by not creating enough high value jobs and upskilling people to these higher paid jobs.

Instead, we now all reversing with majority opting to become food pandan riders. How is that going to help in the long rui?

Matha farkers useless oren gov!

This post has been edited by c64: Mar 7 2022, 08:49 PM

I withdraw all, put in FD and get interest + dividend from both sides...Profit!

Finally reflected today. So I need to make self contribution at least 1 week before end of month to be safe

I also just found out EPF carrys on till 100. But they allow to withdraw at 55. I with drew 90% at 65.

From experience I'd strongly suggest don't withdraw, especially if you have a good amount. If amount is a $Mil or more, EPFs dividends are more than sufficient to live a good quality of life. Just fill the beneficiary column & live hassle-free!

Offsprings will be grateful.

Yes better leave as much as u can in epf n use other money with low returns unless u have better investment but at 65 i doubt there is any others with epf's risk factor.
After withdrawal then want to put it back it will be limited to 60k/year.

This post has been edited by MGM: Mar 8 2022, 02:29 PM

Good idea...i will use most of my free cash first until no more cash then only touch EPF dividends.

As long not char siew, if char siew, spend all the money.

That's beside the main point that epf, after age 55, is better than having a bank account.

It is much more convenient than a fd account. In fact, some people withdraw, either icitra or otherwise, because banks opening hours were shorter during mco. Need to go to the bank for fd withdrawal, while epf can be done online.

(Epf did a good job in its icitra withdrawal website. It even explained how much compounding interest would be lost in the withdrawal. )

After age 55, dividends paid till age 100, can withdraw any amount at anytime, can withdraw everyday or every week if you want.

The online transaction is very secure... can only transfer money to your own bank account under your name. Transfer is fast too, about 2 days.

The beneficiary named is airtight too... no one else can touch it. Correct me if wrong, I don't think anyone can take legal means by court order to compel EPF to release any money to them.

Problems only arises when no beneficiary is named. So, it is important to get this done at a epf branch.

The beneficiary can be several names, and each name allocated different % as you like.

And not to forget... before eyes and mind are going poorer and poorer from old age, you can set the epf account to release a set amount every month to your bank account.

Recently I read a comment in fb at kwsp about this 50 year old that died of Covid. The step dotter whom he had named as beneficiary had problem getting the money….here is the rest of the comment. How can one person have two epf acct? Doesn’t makes sense but had me worried.


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I think this is abnormal case. Just to share from personal experience, normal account with nominee, it's very easy as long got nominations. No need surat kuasa or anything.

yeah i think so too.

Okay here is another one - lets say a couple with no children. Husband left 100% to wife but both died. According to EPF's FAQ, it says "If the nominee passes away before the death of the member, the member’s next-of-kin is eligible to apply for Death Withdrawal. But, if the nominee passes away after the death of the member, the nominee’s next-of-kin is eligible to apply."

Like that who can claim the Death Withdrawal? Husband's next of kin or Wife's next of kin? And what if the nominee has no next of kin?
Will "last will and testament" take over?


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Put it in your will. If no nominations, need probate letter from court which will settle everything.

Put it in your will. If no nominations, need probate letter from court which will settle everything.

The nominations are safe and secure, can check it and view it online.

Thr trick is not to nominate people you normally travel together. Like for example nominate wife, children and also a brother or sister who don't usually travel with your immediate family.

Can put like 10% to the brother or sister. So, if anything unfortunate car accident on the road and both couple dead, the brother or sister got 10% soon. Any will or probate/administration letter (if without will) would take some time.

So, if the fund inside epf is hundreds of thousands or millions, the brother/sister got tens of thousands or maybe hundreds of thousands to initiate any necessary arrangements such as taking care of the children and parents, and of course, funeral expenses.

This post has been edited by ScooterBoi: Mar 8 2022, 06:47 PM

I did this.still keep 20% epf nomimation to my mum. While the rest my wife.


Insurance i keep i think 10% to my sister.

If all the nominees were dead and can't claim directly from vepf, then it is same as no nominees.

Then the claim will have to proceed by court order - whether got will or not. As like assessing any funds or assets in bank accounts and/or properties.

The reason why epf account is better than any bank account is because you can nominate beneficiaries. Bank account don't have this benefit.

My wife's nominations is in reverse percentage... only 10% to me.

If any road accident occurred, if I'm dead too, the bulk of her epf goes to family.

If I survived the accident, I got enough in my epf, don't need hers.