Well, we got kids. That's one of the reason. The smaller portion is more for my parents

I should have completed the sentence that my wife's allocations was in reverse to mine... mine is 10% to family and the bulk to her.

So, if we both were involved in any fatal accident, bulk of her epf goes to family. If she survives, bulk of my epf goes to her.

My mum got a bit of money in FD, i wonder if i shall ask her to withdraw all the money and then deposit into EPF.

assuming your mom is either above 55 years old or have 1 million in EPF, yes, just contribute whatever possible into EPF.
no matter what, EPF dividend is minimum 2.5%, and she can withdraw anytime she likes either online or in person at EPF office. Win-Win.

She is in her 70s already. Any other advice if I wanted to persuade her to put the money into EPF?


This post has been edited by MasBoleh!: Mar 8 2022, 11:33 PM

Wow, I never think of this. Does she have an existing EPF account?

I also never thought about this. She often troubles herself to move the money around different banks for FD.

Most likely dun have an existing EPF account

Interetsed to know if can self-register at the counter and since already above Age 55, will it be under Akaun Emas.

Yea, may need to run to their office once. You also plan to do it for your parent?

You gave me an idea. Will talk to them and see how is it. Problem will be bringing them to the EPF counter lol. But still unsure if EPF really do allow this

This post has been edited by Human Nature: Mar 8 2022, 11:58 PM

Haha I also suddenly got this light bulb. 😂

Because my mum always like, example this FD matured then she will take out and go around ask other banks for their FD rates compared then deposit again.

So she has a few FD in few different banks and very hassle every 6 months.

If can all put into EPF, not only has better rates and also no more hassles.

This post has been edited by MasBoleh!: Mar 9 2022, 12:00 AM

If you did go to epf to ask, please give us an update

Can you perhaps try to ask this question at their FB page, via PM.

I could, but I just shoot them yesterday coz my self-contribution was missing So cannot ask too soon.

Haha okie, can. Will update here.

How come self contribution missing? This is also something I scared because my parent not IT savvy etc, if anything went wrong they may not notice it 🥲

well, the interest calculation is daily rest, so technically your mom don't have to worry about when she takes the money and kena penalty (forfeit her interest).

The next 2 points may not be too relevant for your mom, but they are benefits:
a) The money inside is creditor/bankruptcy remote, very similar to life insurance policy: meaning the balance inside cannot be touched even when she is declared bankrupt.

b) the money inside will be disbursed immediate to the nominated beneficiaries independent of the process of execution of will/estate (this better say carefully as some elderly people are quite pantang)

But to me the best part is the dividend rate is far superior to FD rates, and it is daily rest.

Haha, okay actually I shoot them because their live chat agent just cut me off after letting me wait my turn for 45 mins. I wanted to ask why my self-contributed amount is still not reflected. It is just a case of delayed by few days.

I think on IT aspect, you would need to assist them and also monitor too.

So much better than the FD outside. Shall have thought about this earlier… aiyaaaaa… but late is better than never.

So you helped your parent to open EPF accounts?

I see. If it is just system delayed shall be fine.

Yea, I think I need to help them monitor. Shall
Be no problem, can use my phone to login anytime

yeah, better late than never. This part is very true, especially with bank rates being so low.

Unfortunately, my parent already spent all their savings/money on my siblings' education many years ago, so their "savings" is basically from their kids. They are truly the old but magnanimous parents where kids education takes precedence.
I unfortunately not so magnanimous... :-P I won't spend all my wealth lor... lol.

Maybe when u have kids your views could change. Hahahha