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 EPF - self contribution, need advise

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gooroojee
post Jan 10 2023, 12:59 PM

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QUOTE(soul78 @ Jan 10 2023, 12:51 PM)
After 55 still can do self contribute?
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Yes..
romuluz777
post Jan 10 2023, 01:14 PM

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QUOTE(gooroojee @ Jan 10 2023, 01:34 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.
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Make sure that you remain on good terms with your son as long as your money is in his EPF account.


CommodoreAmiga
post Jan 10 2023, 01:28 PM

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QUOTE(soul78 @ Jan 10 2023, 12:51 PM)
After 55 still can do self contribute?
*
QUOTE(gooroojee @ Jan 10 2023, 12:59 PM)
Yes..
*
Self contribute after 55 goes to new Akaun Emas in which you can't withdraw until you are 60.

QUOTE(romuluz777 @ Jan 10 2023, 01:14 PM)
Make sure that you remain on good terms with your son as long as your money is in his EPF account.
*
Later Son is Char Siew.....
Wedchar2912
post Jan 10 2023, 06:07 PM

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QUOTE(gooroojee @ Jan 10 2023, 12:34 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.
*
The limit is 60K per annum, regardless of the source of funds.

N9484640
post Jan 12 2023, 06:15 PM

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This year the amount transferred can be seen added to the total balance unlike previous years where it only shows up at "Amount eligible to withdraw " or after dividends declared

This post has been edited by N9484640: Jan 12 2023, 06:31 PM
zapster79
post Jan 15 2023, 09:19 AM

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I suppose the self-contribution amount will only be increased to RM100K (from current RM60K) after Budget 2023 is approved on 24 February 2023.
soul78
post Jan 15 2023, 09:22 AM

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QUOTE(CommodoreAmiga @ Jan 10 2023, 01:28 PM)
Self contribute after 55 goes to new Akaun Emas in which you can't withdraw until you are 60.
Later Son is Char Siew.....
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If I oredi above 1mil... this does not apply right?
CommodoreAmiga
post Jan 15 2023, 09:33 AM

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QUOTE(soul78 @ Jan 15 2023, 09:22 AM)
If I oredi above 1mil... this does not apply right?
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Not sure. Maybe still does. EPF don't want you to take out the money..😅
romuluz777
post Jan 15 2023, 10:36 AM

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QUOTE(soul78 @ Jan 15 2023, 10:22 AM)
If I oredi above 1mil... this does not apply right?
*
Same applies to the Emas akaun, any balance above 1Mio u can w/draw.
magika
post Jan 15 2023, 12:31 PM

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Gotta do self contribution by this week as next week will be incapacited.


CommodoreAmiga
post Jan 15 2023, 04:36 PM

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QUOTE(magika @ Jan 15 2023, 12:31 PM)
Gotta do self contribution by this week as next week will be incapacited.
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Hmm..I plan to do on 25th after I came back from Singapork. Still on time.for Jan 2023??
Wedchar2912
post Jan 15 2023, 07:30 PM

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QUOTE(CommodoreAmiga @ Jan 15 2023, 04:36 PM)
Hmm..I plan to do on 25th after I came back from Singapork. Still on time.for Jan 2023??
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plenty of time to earn the 1 day dividend for Jan 2023. no worries.
mavistan89
post Jan 15 2023, 08:44 PM

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Why my epf still did not reflect my contribution after 1 week...
Chrono-Trigger
post Jan 16 2023, 08:22 AM

BY SELF ONE IS DEFILED AND PURIFIED
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QUOTE(mavistan89 @ Jan 15 2023, 08:44 PM)
Why my epf still did not reflect my contribution after 1 week...
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If I remember correctly, it will only be updated once the dividend of 2022 has been declared and paid up.

Try to check for the eligibility for withdrawal section, that would reflect your total contribution.
mavistan89
post Jan 16 2023, 09:43 AM

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QUOTE(Chrono-Trigger @ Jan 16 2023, 08:22 AM)
If I remember correctly, it will only be updated once the dividend of 2022 has been declared and paid up.

Try to check for the eligibility for withdrawal section, that would reflect your total contribution.
*
Yes it will reflect on withdrawal section, already waited for 1 week..pening
magika
post Jan 16 2023, 10:49 AM

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QUOTE(mavistan89 @ Jan 16 2023, 09:43 AM)
Yes it will reflect on withdrawal section, already waited for 1 week..pening
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You must be new to i-akaun. Everyear is like this . Need wait dividend declare.


mroys@lyn
post Jan 16 2023, 11:18 AM

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my self-contribution on 13 Jan has been updated.

QUOTE(mavistan89 @ Jan 15 2023, 08:44 PM)
Why my epf still did not reflect my contribution after 1 week...
*
siawyent
post Jan 16 2023, 11:26 AM

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QUOTE(mroys@lyn @ Jan 16 2023, 11:18 AM)
my self-contribution on 13 Jan has been updated.
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U use Kwsp App or bank in through bank?
mroys@lyn
post Jan 16 2023, 12:04 PM

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kwsp app and transferred through rhb.

QUOTE(siawyent @ Jan 16 2023, 11:26 AM)
U use Kwsp App or bank in through bank?
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126126
post Jan 16 2023, 12:59 PM

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Actually this year the kwsp app reflects deposits in january(before div announcements) unlike previous years. Good to know they are improving their system.

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