Thank you so much for the additional details. I will pm their fb and ask about it 😆

My parents not rich either but this consider as their little bit of last saving that’s it. And I also don’t want them to keep going to banks by banks at such old age

lol....

another alternative is to aim and target the "10m" status.... then 6% pa is 600K...
now is the right time to dream... it is past midnight...

welcome. glad to share the info.

EPF is still the safest place to store one's funds... safer than any local banks, especially for cash denominated in ringgit.

Oh yeah, sometimes I think the elderly likes to go to banks as their activities... you know, they say it gives them chance to do something... just that with covid around, it is risker than normal.

Apart from that, other benefits would be they can withdraw the money without it being locked for the case of FD, and also no need to worry about PIDM status for certain banks.

The past discussions on the beneficiary is good too, because nowadays with eFD, hard to open joint FD account.

This post has been edited by Human Nature: Mar 9 2022, 12:31 AM

Indeed higher risk. I knew someone that works in bank, the covid clusters there is no joke. It is so common that they are used to it.

Those either close contact or positive, just ask to go back and self quarantined. The bank will be disinfected once then back to normal operation.
Delighted to read this. Makes me even more motivated already 😆

Hahaha......they'll go & blow the money. You know youngsters today

Yes this is true. I now want to put back the money, cos at 72 don't want to take any more risky investments. It will take me 20 years to put back. Dont know if I'll live that long....

This post has been edited by SKYjack: Mar 9 2022, 10:40 AM

Need that new sports car. Need that new gadget. Need to eat at a Michelin star restaurant. Need that 1993 wine.

Thank you papa... Haha

mushigen is thinking of selling a big sum of ASMx, just in case u r interested.

It was self-contribution la... Max is RM60k a year.

The 9 or 11% is employee's contribution (compulsory).
The good thing of being an employee is that there is also employer's contribution - which is tax free.
And employer's contribution can be up to 19%.

If you working in banks, the employer's contribution is 18%.

This means about 30% of the monthly salary goes into retirement savings in EPF.

Note the tax free in employer's contribution. If given a choice, up the employer's contribution, not the employee's.

---+---+---

Maybe in recent years, lots of new self-contributions... that's why so many members with little money in their accounts.

6.1% dividend in 2021... making it 10-years annualised 6.11%.

Let's see how the performance is this year... which already started badly, oil predicted to hit $200... gold already at about $2k.

Why don't just try live chat first at their website or call them? Maybe will get you the info.

Good idea too. Thank you so much ❤️

If I performed Self Contribution, the money will be transferred to my Akaun 1 only or they will split into Akaun 1 and Akaun 2?

Any non bumi allotment? If got, I certainly will be interested. How best can I enquire on this & TQVM!

Split 70:30

sorry to ask, does self contribution entitled for tax relief?
im quite concerned with my kwsp saving since im already in mid 30s but then my epf is less than rm200k so was thinking about contributing more towards epf.

You are only allowed to claim 4K max for EPF, doesn't matter from where

noted. so in order to do self contribution do i need to fill up any forms or can i just transfer the money to my existing account through online?

hi all, just registered for an epf account and i-saraan online yesterday. today i may my first transfer through online cimb clicks. normally how long to see the balance reflected on the kwsp mobile app? worried that i transfer wrong or didnt go in the right account....

thanks sifus

Payment channel:
https://www.kwsp.gov.my/member/contribution...lf-contribution

Easiest way is just to online transfer direct to your EPF account no. No need any form.
It should be available witin 3 business days. If you are worried, test with a small sum eg. RM50 first.

This post has been edited by Human Nature: Mar 10 2022, 11:44 PM