update on 100k pa contribution

Extract from the news,

On other developments, Amir Hamzah said EPF will be announcing the increase of the voluntary contribution limit to RM100,000 in April this year.

“In the previous Budget 2023, which was announced by the former finance minister, an increase of voluntary contribution limit from RM60,000 to RM100,000, was stated but, unfortunately, the budget was not gazetted yet so we would not be able to roll it out.

“But we have received the board’s support that directionally, RM100,000 is the right number and we are now working on a process to legitimise the lifting of that amount,” he added.

link: https://www.malaymail.com/news/malaysia/202...l-savings/57971 , or
KWSP 100K


In nutshell, current limit still 60k. Older PN Budget 2023, PN under pak mail proposed 100K - pending approval by parliment due change of new federal government. New Budget 2023 Unity gov under Anwar didnt mentioned about the max contribution. So, ya, 60k je now

This post has been edited by seanlam: Mar 6 2023, 10:54 AM

Brilliant workaround . If PMX had announce it in the budget, he would be susceptible to all round attack. Announced and claim independent decision by board is a great move. Must have studied Sun Tzu Art Of War.

Nothing to do with specialist fund manager 🤦‍♀️ as it would cost more instead 🤦‍♀️

Shariah needs to split out and manage by a new statuary board which will comprise Shariah trustee and advisor hence cost savings rather currently paying outside advisors money



Nothing brilliant in the 1st place 🤦‍♀️ He is just doing it legally based upon EPF Act unlike PM8 and Zafool whose is doing everything without proper procedure in the 1st place

After April is everything goes well....

Many waiting for the good news 😁

T20s sighted.

then comes the tier

just ordinary kuli

the bad news everyone hates

good news if in twilight years. otherwise only one way in, no way out.

can out with various reasons like Housing, Education or Health

Unlikely to have tier this year 🤦‍♀️

After the run the Shariah is out to another seperate board next year then it might have tiers because it easier and cleaner to segragrate then

your fav answer...

needed parliament approvals for EPF act changes

Not my fav answer 🤦‍♀️

But if tier dividends happening there is amendment is needed to be passed because it is affecting guaranteed minimum 2.5% for conventional

Even I have my doubts about them running a separate Shariah division now because the EPF Act is so convulsed with Shariah and Conventional sections

That is why better for EPF to wipe their hands clean and transfer the Shariah to some Islamic statutory board and let manage either PNB or LTH instead of EPF bearing the expenses and added costs yearly 🤦‍♀️

seeing the vendetta against t20, only a question of when not if.

2024 or 2025???

Don’t talk about it because even luxury tax also cannot define properly yet wanna implement next year 🤦‍♀️

If they wanna do it will take at least 3 years for it to because it will take it finetuned and studies 1st then only amendment which gonna drag

Is confirmed self contribution to rm3k eligible for tax relief?

just be prepared mentally

so before next GE16 probably

No need to be prepared mentally as it is out of your control 🤦‍♀️

You better off learn to control things that you can like earning more money instead

or invest in Singapore / higher risk assets class

Why restrict yourself when there is endless opportunities anywhere 🤦‍♀️