Yes, I accidentally dumped in too much. Calculate wrongly...lol. But it wasn't big amount...I think maybe 1K plus minus.

Got it back after a few days. Tendang balik to my bank account.

RM100k yearly is still KIV so for now still RM60k yearly

The amount returned is part of a deposit or full deposit?

Part of the deposit. They just returned whatever > RM60k to you.

For those who want to treat EPF as a flexi fund, I do believe there is this option of voluntary contribution of your RM60k to your parent's EPF account, which is probably already in Akaun 55 or EMAS and can be withdrawn at any time...

https://www.kwsp.gov.my/member/contribution...gs-contribution

Forum experts - kindly feedback if incorrect.

[ Edited - EPF T&C stated topup only for topee who are under 55, so you can contribute to parents until they are aged 54 ]


This post has been edited by gooroojee: Jan 10 2023, 11:35 AM

And hopefully all your other siblings knows that those "extra" money in their parents epf accounts belongs to you.

true... need strong family relationship... and no such issue if single child too... anyway I updated the above to reflect T&C - only valid for topee (recipient) aged below 55...

This is why you must change the password...

I think one don't hv to know your parents kwsp account password to do the topping up.

Why need so troublesome use topup n topee method ? My nephew after my advise just transfered direct using voluntrary contribution to his mother (61 yrs old) unutilise account. Just ensure nomination is 100 % his. It will be complicated if two person with vested interest in it.


This post has been edited by magika: Jan 10 2023, 11:55 AM

Change the KWSP account password so only you can withdraw? I dunno how withdrawal works. Need password right to setup withdrawal?

If the other siblings knows that someone had made withdrawals from their parents kwsp accounts...

I assume EPF views this as your sister's own self contribution? The impact is probably where the RM60k annual quota is being used up on.

It will go to epf member bank account only.

Topup n topee also use same quota

Wouldn't one be the nephew's quota while the other is the mother's quota?

Nope. If like this i will ask my children to help topup for me every year.

This post has been edited by magika: Jan 10 2023, 12:27 PM

ok thanks. that's interesting. i had assumed in below scenarios, each person has 60k to contribute to whichever account he's allowed to contribute to (self, spouse, children, parents):

Scenario 1:
- I have 60k, my son has 60k
- i contribute 60k to my EPF account
- my son contribute 60k to his EPF account
- total contribution 120k, both me and son used up 60k quota

Scenario 2:
- I have 60k, my son has 60k
- i contribute 60k to my EPF account
- my son contribute 60k to my EPF account
- total contribution 120k, both me and son used up 60k quota

if topper and toppee share same quota due to contribution to others, then:

Scenario 3:
- I have 60k, my son has 60k
- my son contribute 60k to my EPF account
- total contribution 60k, both me and son used up 60k quota

is the last scenario what you meant? or do you mean the below?

Scenario 4:
- I have 60k, my son has 60k
- my son contribute 60k to my EPF account
- total voluntary contribution to my account maxxed out at 60k, i cannot self-contribute further

with your explanation, now my understanding is that it's based on 60k cap allowed into each individual's account per year then, which also makes sense.

This post has been edited by gooroojee: Jan 10 2023, 12:49 PM

Each epf account can only accept RM60k in voluntary contribution and unlimited from salaried contribution.

yes - that makes sense. thanks for confirming.

After 55 still can do self contribute?