Welcome Guest ( Log In | Register )

Bump Topic Add Reply RSS Feed

Outline · [ Standard ] · Linear+

 EPF - self contribution, need advise

views
     
gooroojee
post Apr 10 2023, 01:02 PM

LowYee
*******
Senior Member
2,190 posts

Joined: Feb 2012
QUOTE(backspace66 @ Apr 10 2023, 12:52 PM)
I am a bit concern if more and more people treat epf as a high interest saving account for those people that exceed 1 mil. If too many reach 1 mil and do this, epf might raised the bar further to 2 mil . 1 mil is achievable in near future but 2 mil, might as well i wait for retirement.

It would be too risky for me to transfer from my ASX if the rule is revised further to 2 mil. A lot of my fund would be locked out and out of reach for significant amount of time.
*
EPF governance is about ensuring sufficient funds for retirement which has a target of below 1M in EPF savings. Their job is not to police how much you should keep in EPF beyond that target.

We have enough fear mongering in Malaysia already.
gooroojee
post Dec 30 2023, 11:34 AM

LowYee
*******
Senior Member
2,190 posts

Joined: Feb 2012
QUOTE(nexona88 @ Dec 30 2023, 11:08 AM)
Not sure which is easier....
but I can say that using the apps is faster reflect in your account even on weekends...

Banks one Sunday won't reflect...
Saturday depending... If u done before noon the previous day.... should be reflect on Saturday....
*
Real time app update is good for reassurance. But then interest calculation only starts last day of the month anyway.
gooroojee
post May 26 2024, 04:20 PM

LowYee
*******
Senior Member
2,190 posts

Joined: Feb 2012
QUOTE(gashout @ May 26 2024, 03:34 PM)
who has maxed out 100k this year?
*
My salary deduction into EPF also maxed out liao
gooroojee
post May 26 2024, 08:53 PM

LowYee
*******
Senior Member
2,190 posts

Joined: Feb 2012
QUOTE(gashout @ May 26 2024, 04:57 PM)
whats your max out %?

my previous company only allows 35%
*
QUOTE(buffa @ May 26 2024, 05:41 PM)
You set all salary contribute into EPF?
*
45%
gooroojee
post Jan 27 2025, 10:03 PM

LowYee
*******
Senior Member
2,190 posts

Joined: Feb 2012
For self contribution I was thinking if someone deposits RM8,333 every last day of the month and then takes it out first day of the month, and for all other days in between keeps it in funds like Rize, Boost or TNG, then essentially they'd enjoy the EPF dividend plus the daily interest outside.

One way to boost the 6% dividend to 9% or so... or an extra RM500 in dividends.

Condition being you have over rm1 million in EPF lah.
gooroojee
post Jan 28 2025, 09:06 AM

LowYee
*******
Senior Member
2,190 posts

Joined: Feb 2012
QUOTE(guy3288 @ Jan 28 2025, 12:16 AM)
i would be surprised if that way  can make 6% (EPF only) become 9% (EPF withdrawal put in Rize etc)

taking out epf money with 6% go put in Rize 3.3% can make it grow faster?

How? unless you are saying money in EPF earns only 1 day interest EVERY single month of the year..
but that is not the case.

can share with us how the maths show you 6% can become 9%?
*
My bad. Need more sleep. I double checked the dividend calculation on EPF deposits and withdrawals:

- deposits gain dividends effective on M+1 month of deposit + 1 day (i.e. put in 31 Jan, get dividends on Feb-Dec plus 1 day)
- withdrawals no longer gain dividends on day of withdrawal (withdraw on 1 Mar, get dividends until 28 Feb)

so the approach above doesn't work. Thousand apologies.
gooroojee
post Feb 1 2025, 08:26 AM

LowYee
*******
Senior Member
2,190 posts

Joined: Feb 2012
I tried 29 Jan on KWSP app. Reflected next day IIRC. Someone said using the app is always T+1 regardless of holidays or weekends.
gooroojee
post Feb 9 2025, 07:11 PM

LowYee
*******
Senior Member
2,190 posts

Joined: Feb 2012
EPF doesn't limit your topup contribution but your employer and HR might. True story.

For some banks they reject your credit card application after that, for the reason your monthly nett salary is too low. True story.

This post has been edited by gooroojee: Feb 9 2025, 07:11 PM
gooroojee
post Feb 9 2025, 08:15 PM

LowYee
*******
Senior Member
2,190 posts

Joined: Feb 2012
QUOTE(nexona88 @ Feb 9 2025, 07:47 PM)
1. Because they "worried" your "wellbeing"... But real reason is extra work to be done

2. This one depending on WHO you approach... Directly to bank or outsource agents you see promote in malls....
*
1. They still did the work but capped based on internal policy.
2. It was internal bank process, after asking several more documents.
gooroojee
post Mar 28 2025, 09:43 AM

LowYee
*******
Senior Member
2,190 posts

Joined: Feb 2012
QUOTE(nexona88 @ Mar 28 2025, 09:12 AM)
PSA:

Please do your Self Contribution TODAY if want to include for the month of March...

Thanks 😊
*
oh nice. deposit 100k today, then 30th April take out again put back FD.
gooroojee
post Mar 28 2025, 02:12 PM

LowYee
*******
Senior Member
2,190 posts

Joined: Feb 2012
QUOTE(nexona88 @ Mar 28 2025, 12:01 PM)
If indeed got such FD available

Confirm next week I clear up my ASMx account & move all the $$$ to that FD 😜😀
*
Haha.. don't follow me.. my head thinking BT, but finger write FD...
« Next Oldest · Finance, Business and Investment House · Next Newest »
 

Add ReplyOptions
 

Change to:
| Lo-Fi Version
 0.1178sec    0.80    7 queries    GZIP Disabled
Time is now: 5th December 2025 - 11:06 PM
All Rights Reserved © 2002- 2025 Vijandren Ramadass (~unite against racism~)
Removal Request
Powered by Invision Power Board © 2025  IPS, Inc.