Didn't see anything about the 40k additional quota...

Probably not doing it now 🙂🙂

Previous few years gomen servant (pencen) not allowed to claim exemption for epf self contribution at all. Does this new tnc allows gomen servant to claim epf exemption for YA2023?

Based on kwsp website, they say "This initiative can be enjoyed by all workers, both in the formal or informal sector, who make voluntary contributions to the EPF." Not sure they include gomen servants or not.

https://www.kwsp.gov.my/en/web/guest/w/budg...-infrastructure

I would say the new ruling in made specifically with government staff in mind, who are on pensionable scheme don't have mandatory contribution. Now they are encouraged to do voluntary contribution.

ask few people I know (old unkers)...

those old days...
No such thing as voluntary contribution... esp for gomen staff...
after few years contribution into EPF, once confirmed position / jawatan... straight can withdraw EPF (those opt for pencen scheme)...

Don't understand...means they opt out of EPF? btw, if they leave gov job before 55, means no Pencen?

yes.
those pick pencen scheme can opt out EPF...
after 5 years working.. like that...

leaving before 55yo..
not sure... probably no pencen or pro-rated one (based the working years)...

LHDN mindset is gomen staff does not need epf savings for retirement life, thus they are not eligible for tax relief. I got a strong feeling that this time the rule will not be relaxed for them too.

Let me explain this. They may opt for early retirement provided that he is 40 yo above and at least 10 years of service. But their pension will be prorated and will be release to them when he is 55 yo. Thus for gomen servant, most will die2 work to 60 yo in order to enjoy max pension. The good thing is that their take home salary higher than those working private because they do not need to contribute 11% to KWAP.

Starting salary for government staff is lower compared to private sector. The current doctor's salary is an example. The current contribution to KWAP is 17.5%.

https://www.theedgemarkets.com/article/govt...000-budget-2023 - ignore this, since it's OLD

https://www.thevibes.com/articles/news/8608...th%20the%20fund - NEW link

I am shocked so many regulars here aren't aware of this. 😱

Anyway, hv made 60k before budget. Will top up again once i get concrete confirmation from KWSP. 😁

This post has been edited by sweetpea123: Mar 3 2023, 05:29 PM

that is the old budget my friend

https://www.thevibes.com/articles/news/8608...th%20the%20fund.

This post has been edited by sweetpea123: Mar 3 2023, 05:14 PM

link the source

I have listened to Anwar's speech. Pretty sure no such thing. There was only a PDF circulating around mentioning this.

we will know soon if that makes into the final cut

this article is "OLD"
as per the below post

attached image is from your link,...



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problem is...

I didn't hear anything about during DSAI speech in Parliament...

few of us (family & friends also watching live at various location).... didn't notice it...

That's so weird he didn't mention. I didn't listen but i just read online. Anyway, let me try to get confirmation from EPF. But reading today's projected 4.8% to 5.1%, suddenly not so gung-ho d. 🤣
https://www.msn.com/en-my/news/other/expect...rce/ar-AA188SZD

This post has been edited by sweetpea123: Mar 3 2023, 06:35 PM

i googled and found this,....
https://budget.mof.gov.my/pdf/belanjawan202...pan/ub23-BI.pdf

Yes, i think so too.


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