I remember there's one country, on the brink of bankruptcy, using their citizen money in bank account to save the country

Apparently it is legal and Malaysia, if I am not mistaken, there's such law as well.

Sorry but I have forgotten that country name. Perhaps some member here remember

It's 2 working days, hence weekend is not counted.

Hi, May i know can i open i-saraan for my child <5 yrs old and also get the incentive?

Voluntary Contribution with Retirement Incentive (i-Saraan) allows our members who are self-employed and do not earn a regular income to make voluntary contributions towards your retirement, and at the same time receive additional contribution from the government.

Who are the people who fall under the self-employed category?
1. Farmers/Fishermen/Taxi Drivers
2. Small Business Owners/Hawkers/Night Market Traders
3. Babysitters
4. Commission-receiving agents (e.g. insurance agents, real estate agents)
5. Freelancers (e.g. those who receive payment for services including deejays, singers, actors, fitness instructors, consultants)
6. Business Owners (sole proprietors/partners) involved in the trading of goods and services
7. Online Business Owners
8. Professionals with their own practice (e.g. accountants, doctors, lawyers)
9. Housewives
10. Pensionable Employees

https://www.kwsp.gov.my/member/contribution/i-saraan

I don't think so.
I think there's also a min legal age for employement.

This post has been edited by GrumpyNooby: Apr 2 2020, 09:46 AM

Hi guys.... in order to get full RM4k relief for EPF self contribution for next year relief..... how much must i contribute to the EPF self contribution in this year? Is it equal value meaning need to put RM4k to EPF self contribution account?

If you're self employed, then it'll be RM 4k.
If you're salaried employee, you need to supplement whatever short from your own contribution via salary deduction.

i miss when it was 7k before - now is 4k epf and 3k life insurance ... aihs

The minimum requirement to have an account in EPF is you must be working, either self employed or employed, and must be at least in your teens. Best is to save up with any child/ kid savings account offered by banks. The incentive is to encourage self employed to contribute for their retirement.

Was 6k combined before.

Was a stupid move by LGE. Must have been lobbied pretty hard by the insurance industry.

yup - disappointing

Hi guys, for self-contributors.. Is it still advisable to continue contributing to my own EPF now ?

read something above about gov is using EPF money to save employer or something like that? .. that means using our EPF money right? feel unsafe ..

You just asked here few hours ago:

Thread link: https://forum.lowyat.net/topic/2705461/+4260#entry96242039

Post link: https://forum.lowyat.net/index.php?showtopi...post&p=96241901

This post has been edited by GrumpyNooby: Apr 8 2020, 10:15 PM

read this to see how the RM50 billions is derived.....
see if it is EPF or contributors is using the RM50 billions....

Not right to allow RM500 monthly withdrawal from EPF, says MTUC
https://www.freemalaysiatoday.com/category/...-epf-says-mtuc/

thank you T231H ! will read up on it

whoa.. take it easy, lol. that thread is actually for dividend questions, no? that's why i decided to post here instead . thank you for noticing my previous post.. Do you have any input though?

This post has been edited by 27needles: Apr 8 2020, 10:37 PM

just read it .. yes, i do know about gov allowing us contributors to withdraw until end of the year.. this i believe is fine, as it is up to us whether we need to withdraw .. But could there be any other factors that could make it unsafe for us to keep 'saving' it into EPF until old age? considering the country's situation, etc..

i do appreciate your patience and comment, even if my questions are 'dumb' in any sense

My take is, if you really need the money or you have another investment vehicle that can offer you liquidity, then go for it.

If you withdraw to buy your wants and not needs, then don’t touch that money.

I myself is taking the money out because it’s not always the Gov let you withdraw from Acc 2 without question.

on this....
"But could there be any other factors that could make it unsafe for us to keep 'saving' it into EPF until old age? considering the country's situation"....

there had been posting mentioning/suggesting those that has this "feelings" can stop self contribution to EPF,
use that money to buy and keep USD or SGD or any other foreign currencies that has less likely to have depreciating monetary value than MYR until OLD age.

it was 6k previously, no?

Guys, for I -Saraan, has anyone contributed without filling up the form first?
Cos there's a I-saraan button in Maybank2u.

According to the FAQ need to fill up form. If self contribution no need.

while waiting for responses,
try page 7, post 135...