EPF - self contribution, need advise
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 Dec 18 2023, 03:36 PM
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#101
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3,681 posts Joined: Apr 2019 
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QUOTE(jasontoh @ Dec 18 2023, 02:46 PM) Do you mean if I deposit today (Dec), I'll get 1/12 div, or it will be 0 for 2023 dividend which will be announced in Feb 24 Like what Mum said. 1 day of div for the 10K rm. Because your full month is 0 for 2023. |
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Dec 22 2023, 03:54 PM
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#102
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Senior Member
3,681 posts Joined: Apr 2019
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QUOTE(ronnie @ Dec 22 2023, 03:33 PM) I'm not entitled to i-Saraan. would you know why? as in are you working or a director of some firm? |
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Dec 27 2023, 01:41 PM
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#103
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Senior Member
3,681 posts Joined: Apr 2019
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PSA: Its 27th Dec... and only 2 biz days left for the year and today is Wednesday.
If wish to contribute into EPF via self contribution or i-saraan in order for your contribution to enjoy div for entire 2024, better to it today. |
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Jan 1 2024, 04:30 PM
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#104
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Senior Member
3,681 posts Joined: Apr 2019
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QUOTE(virtualgay @ Jan 1 2024, 04:08 PM) I have 100k don't waste time already... throw it all in...... |
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Jan 7 2024, 02:24 PM
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#105
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3,681 posts Joined: Apr 2019
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QUOTE(wacko_joy @ Jan 6 2024, 07:04 AM) Anyone have any idea how tedious is the work to claim, if ur parents passed away and they din stated any nominees... thx if i recall what I read long ago, the process to follow is then like the will/probate/estate execution process. Basically lotsa work and time. Plus, if the deceased appointed some professional to help, then the epf amount will also kena the professional fee charges of executing the will. Just get your parents to nominate now. anything happens, the bene can just go to epf with proof and money will be released almost instantaneously, without any fee. CommodoreAmiga liked this post
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Jan 24 2024, 10:07 PM
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#106
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Senior Member
3,681 posts Joined: Apr 2019
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QUOTE(joschinyl @ Jan 24 2024, 10:02 PM) Recently went to EPF to do first time withdrawal. Counter staff told me online withdrawal max RM30,000 each time. If want more, can do a few times of RM30,000 on the same day. If want to withdraw RM60,000 can apply 2 times on the same day. thanks for the info. Didn't know can do a few times withdrawal on the same day. Previously I thought had to wait the next day before can submit again. |
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Jan 25 2024, 08:46 PM
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#107
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Senior Member
3,681 posts Joined: Apr 2019
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QUOTE(Barricade @ Jan 25 2024, 08:41 PM)  Know how to read? From the app. You think EPF is dinosaur thinking like you meh…. People will improve the process. Not everything need to stick to the old way of payment.  nexona88 liked this post
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Jan 26 2024, 12:14 PM
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#108
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Senior Member
3,681 posts Joined: Apr 2019
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QUOTE(lowyat101 @ Jan 26 2024, 12:05 PM) Thanks for the info. for the withdrawal of any amount above the 1mil (30k per day), can it be done via the KWSP website? I always withdraw via the official kwsp website... the minimize any risk... max I know is 30K per day. Coz I see there's this function but cannot try it since now is still below 1mil  If you want to withdraw say 100K, you can do it over 4 days, or you can go to the epf office to do so in 1 day. (first time withdrawal must go to epf office... bring along your bank statement with only your name just in case). never tried the kwsp app one, and that is because I don't want any additional risk. EPF contains basically all my ringgit liquid cash. This post has been edited by Wedchar2912: Jan 26 2024, 12:16 PM lowyat101 liked this post
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Jan 26 2024, 12:52 PM
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#109
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3,681 posts Joined: Apr 2019
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QUOTE(kiddokitt @ Jan 26 2024, 12:51 PM) I oredi finished the 100k quota early this week. But still not yet reach 1mil. Sigh… good job... look at it this way: you will have extra 5K rm by end of the year... kiddokitt liked this post
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Jan 26 2024, 01:04 PM
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#110
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Senior Member
3,681 posts Joined: Apr 2019
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QUOTE(virtualgay @ Jan 26 2024, 12:58 PM) assume is 5% he will only get 11 months of interest no lar... I adjusted already... i assumed div is above 5.5%... just round it to 5% absolute for him...100k x 5% /12 x 11 = 4583.33 so fast finish whack 100k damn geng!! which smart phone can one get with 5K rm? hehe kiddokitt liked this post
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Jan 26 2024, 05:23 PM
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#111
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Senior Member
3,681 posts Joined: Apr 2019
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QUOTE(magika @ Jan 26 2024, 04:07 PM) If tendang balik, its the whole sum or excess only. Question has been asked before but still unanswered. the whole amount of that one transaction. magika liked this post
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Feb 2 2024, 02:21 PM
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#112
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Senior Member
3,681 posts Joined: Apr 2019
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QUOTE(virtualgay @ Feb 2 2024, 10:59 AM) not so stupid question - can we request our majikan to potong like 25% instead of 13% from our salary for EPF contribution? Since i am 51 right now i want to force myself to save more. any idea? QUOTE(CommodoreAmiga @ Feb 2 2024, 11:09 AM) Yes wedchar2912 QUOTE(leanman @ Feb 2 2024, 01:30 PM) In order not to burden HR, deswai we got self contribution, i think. As CommodoreAmiga and others mentioned, there is "no limit"* to how much you want to contribute to EPF via salary deduction. I had set it to be above 60% before (net salary must be still be positive) and just lived off my FD balance back then. Anway, is there a limit on this potong of 25% instead of statutory 12/13%? Note*: My ex-firm's HR department did put a condition where net salary after all deductions (including EPF deduction) must still be positive. Reason given is that if one's net salary is negative, that means the employee has to pay back to the firm every month, and that is not allowed. (this could just be a condition set by my ex-firm). Man, i do miss seeing my epf balance increase every month...  This post has been edited by Wedchar2912: Feb 2 2024, 02:22 PM |
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Feb 2 2024, 04:13 PM
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#113
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3,681 posts Joined: Apr 2019
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QUOTE(virtualgay @ Feb 2 2024, 03:39 PM) thanks for answering my not so stupid question of potong more than 13%. As my age is catching up i am slowly moving my FD and ASM into EPF. 2024 - 51 years old to max RM100k as not going to renew my FD but anything mature will go into EPF an continue to buy ASM for any left over. Will no longer be keeping FD anymore this year 2025 - 52 years old to start selling my ASM and move to EPF and will also MAX out 100k and this is where i will start to ask HR to deduct 25% of my salary to EPF 2026 - 53 years old continue to sell ASM and Max out 100k and increase EPF contribution to 35% and by my own calculation this is the year where i should hit RM1.0 Million. If anything emergency i still can withdraw from EPF for anything about 1.0M and sell more ASM if needed 2027 - 54 years old, continue to sell ASM and max out 100k and continue with 35% of salary deduction 2028 - 55 years old is when i retire and i dont think i will have income and i should be sitting with about 1.3 milion to live out whatever life i have and if company dont fire me i will still work and accumulate EPF. this is the year also my housing loan should be cleared. i did not make it in life and i dont think 1.3 million is going to make me rich, all i am hoping for is that it can last me for 25 years assuming that i live till 80 years old 1.3million with assumption of 5.5% dividend i will have about 6k per month to support my family. good luck to me i am hoping to get up to 1.5M to 2M if possible but i dont think is possible QUOTE(dwRK @ Feb 2 2024, 03:47 PM) imho... max 100k... and max potong now... What dwRK mentioned above is essentially what I did before I early retired (FIRE'ed if you will).use maturing fd for spending... roll them onwards based on spending and next 100k... same idea for asm... Our situation and reason maybe different, but the steps and process should be the same. Max self contribution (60K back then for me) and push all salary after tax, etc into EPF. For your case, the "liquidity" event has not happened yet, which I think is why you hesitate to set your self-contribution rate to say 70%. But it looks like you are just 3 years max to liquidity event, so with minimal risk, you can just try to shorten it to 1.5 to 2 years if you can. FD earning 3.x% is really wasteful when it can accrue at 5.x% with no real risk to you. (trust me, once u hit the liquidity event, it is so fun and relaxing to just treat EPF as your CASA account. haha. There is no need to look for places to park your ringgit and count the small 0.1% increment between e-wallet vs FD from XXX banks. Just sit down and remember each 100K rm in EPF means u can spend 15 rm per day. almost 1 starbucks per day and now with boycott, without long queue) Finally, congrats! In 2 years time, you will be in the envious position of being 1 of the almost 100K persons with min 1 million in EPF. Ignoring what others claim, this is considered making it in life already in Malaysia. truly. This post has been edited by Wedchar2912: Feb 2 2024, 04:21 PM |
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Feb 5 2024, 04:51 PM
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#114
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3,681 posts Joined: Apr 2019
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QUOTE(footie_ft @ Feb 5 2024, 08:39 AM) If you already have 1 million in EfPF would you save your current FD money into EPF? If liquidity event has already happened for you or will soon happen, then the answer is yes.Since if EPF is more than 1 million, you can take out the access when needed. I kept all my ringgit cash in epf with the exception of like 10K rm type as petty cash. Zero FD and some small amt in some e-wallets. been like this for a few years already. romuluz777 liked this post
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Feb 5 2024, 05:50 PM
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#115
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3,681 posts Joined: Apr 2019
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QUOTE(theevilman1909 @ Feb 5 2024, 05:46 PM) I remember watching one video... That example is one where liquidity event has not happened yet.One makcik saying she got like 300k or 500k in EPF... But cannot touch them at all since not qualified.... Desperate want government to give approvals of 10k to survive.... |
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Feb 6 2024, 08:19 PM
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#116
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3,681 posts Joined: Apr 2019
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QUOTE(CommodoreAmiga @ Feb 6 2024, 07:59 PM) eH, i don't have "Scheme". My i-saraan also appears as "Voluntary Contribution" only. WTF. same.... very bad implementation.... the app version shows i-saraan... CommodoreAmiga liked this post
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Feb 8 2024, 08:51 PM
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#117
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3,681 posts Joined: Apr 2019
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QUOTE(CommodoreAmiga @ Feb 8 2024, 07:36 PM) 75 already sell salted egg lor. If not die yet and still can contribute, means you are very rich. Not necessary to contribute anymore. QUOTE(batman1172 @ Feb 8 2024, 08:47 PM) Can live until 85 one. Only problem is dunno can still think rationally or not. given the following facts:a) official retirement age is now 60, but seems like many still wish to work past this age b) malaysians are living longer c) open secret that there are many groups that wish the official retirement age to be increased it is only fair for EPF to consider increasing the self-contribution age to a higher number than 75 (error earlier). Just set it to 100 would not be a bad idea. funds in EPF is safer than in banks (well, additional layer of protection at least), and the fund is earning better than FD rates. So why not? (can also use EPF for estate planning also, although that is not what EPF was created for to begin with) edit: sorry, didn't know can contribute until age 75, not 70. This post has been edited by Wedchar2912: Feb 8 2024, 09:06 PM |
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Feb 8 2024, 09:08 PM
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#118
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3,681 posts Joined: Apr 2019
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QUOTE(nexona88 @ Feb 8 2024, 09:00 PM) Can contribute till 75yo now... why not right? easier to remember also... can keep one's money in EPF, earn div and contribute until age 100. I like simple rules... So you want it to increase till 100yo? Then for keeping $$$ & collect dividend until what age you propose?? Current is 100yo only... After all must withdraw no matter what... Got notice print in major newspaper 🙏  for now, I think 100 years old is more than fair... but in future, if medical tech can improve human's longevity to way above, then only increase it. nexona88 liked this post
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Feb 8 2024, 09:58 PM
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#119
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3,681 posts Joined: Apr 2019
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QUOTE(nexona88 @ Feb 8 2024, 09:51 PM) Sure got valid reason why EPF limit the age for self contribution at 75.... the last part about epf div until 75 was true previous. That was shared by a old ex-colleague of mine long ago. Not sure true or not, Previously EPF dividend also count till 75 only... Now it's till 100... so I suspect the age limit was decided based on the average longevity of malaysians back then. I guess the ones in charge wanted to be kind and changed the age for div but forgot or ignore the contribution age. But I am sure in 2030s, there will be those healthy enough and wish to work in their 70s. (politicians all can work way past 70s, cannot be they are the only special breed rite? haha) |
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Mar 3 2024, 05:34 PM
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#120
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3,681 posts Joined: Apr 2019
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QUOTE(MUM @ Mar 3 2024, 04:46 PM) If i can recall correctly, a forummer posted recently, ....Employee contribution is "maxed" to 80% as the balance 20% need to cater for other possible deduction. still want to contribute more after today's spectacular result that defies logic? lol... Yes, need to fill up a form on serious note, employee's contribution technically can be 100%, but it all depends on the HR department + all other deductions such as socso and taxes. furthermore, the form to fill is "additional topup" on top of the statutory rate of 11% currently. so, the max one can write is 89%. |
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