those who have yet to do self contribution please read this and it might change your mind:

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

Expanding the scope of annual tax relief for life insurance premiums or life takaful contributions to cover voluntary contributions to the EPF of up to RM3,000
The EPF welcomes the initiative to expand the scope of annual tax relief for life insurance premiums or life takaful contributions to cover voluntary contributions to the EPF of up to RM3,000. This initiative can be enjoyed by all workers, both in the formal or informal sector, who make voluntary contributions to the EPF. This means that a member who contributes compulsorily (tax relief up to RM4,000) and increases savings with voluntary contributions or voluntary excess or both will be able to enjoy tax relief of up to RM7,000. This effort will encourage more Malaysians to increase their retirement savings for old age.

My insurance already >RM3k which fills up the RM7k quota
RM7k Tax relief = RM4k EPF + RM3k Insurance & EPF Self Contribution

what insurance you buy? so expensive

Insurance covers Me & Family.... all million RM medical coverage

those who have yet to do self contribution please read this and it might change your mind:

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

Expanding the scope of annual tax relief for life insurance premiums or life takaful contributions to cover voluntary contributions to the EPF of up to RM3,000
The EPF welcomes the initiative to expand the scope of annual tax relief for life insurance premiums or life takaful contributions to cover voluntary contributions to the EPF of up to RM3,000. This initiative can be enjoyed by all workers, both in the formal or informal sector, who make voluntary contributions to the EPF. This means that a member who contributes compulsorily (tax relief up to RM4,000) and increases savings with voluntary contributions or voluntary excess or both will be able to enjoy tax relief of up to RM7,000. This effort will encourage more Malaysians to increase their retirement savings for old age.

what insurance you buy? so expensive

Insurance covers Me & Family.... all million RM medical coverage

There is no such thing as "Female" in lowyat forum. It's the Universal truth.

The only requirement is people not Getting employer contributions for the last 12 months. Not hard to check. Don't speculate so much lah. One line of SQL can pull out that data already. Another new criteria now is max RM5k. I don't think anyone hitting that yet because that will need over 10 years based on previous RM300 limit.

it seem like not approve yet in budget?

What's max 5k? Total contribution from government you mean.

Yes.

The new i-saraan scheme

5k for lifetime from government...

Basically u got maximum 10 years only (500 for each year)

max 500/ yr? i thought 300/ yr.
below is 1-saraan

    Annual Dividend
    Enjoy annual dividends on top of your retirement savings.

    Special Incentive
    By 15% of the total contribution up to a maximum of RM300 in the current year following government terms and conditions.

    Tax Exemption
    Subject to IRB terms and conditions.

    Death Benefit
    Subject to EPF terms and conditions.

This year 2023 is rm300 max

Next year 2024 onward is rm500, max 5k lifetime

awesome, if that is the case, min contribution assuming at 6% is RM8350 contribution to get RM500/ yr from gomen

The gov will match 15% of the contribution therefore to get rm500 is to contribute rm3334.

This is a PA

Time to prepare your 💰 money for next Monday 30th October
If scare got issue then Friday can masuk

This is a PA

Time to prepare your 💰 money for next Monday 30th October
If scare got issue then Friday can masuk

[CODE]

Done for the yr. Can't contribute anymore 😭

This is a PA

Time to prepare your 💰 money for next Monday 30th October
If scare got issue then Friday can masuk

Ini ikan Whale... I can't remember whale in Malay... Is it Paus