the 20% is most probably due to withholding tax...

the % mentioned here is based on gross income + all fixed allowances of the month.

if can maintain minimum 1 million ringgit, what you described already is allowed, regardless of age

yes.

i just noticed that when withdraw using the abv 1 million scheme, it will always take from my Account 2. So I believe once it runs out of Account 2 to deduct, it will start deducting from Account 1 till the minimum 1 million balance left in EPF.

actually, T20 cutoff (based on the gov's income definition) is quite poor... they will surely get to above 1 million but the question is when...

I think the ones you are describing would be a lot closer to T01 or T02 vs T20.

(T20 income cutoff is only like 5K salary per person)

while agree with you their definition is "funny", but don't have any better data....
Also I would assume the natural place to get the data would be from our LDHN, which would be active legal income reported....
(EPF's release of their own T20 definition doesn't run too far away from gov's)

then again, this is the same tax department that never bothered or never successful in collecting the right amount of taxes from politicians... so many hidden T01s there and royalties too...

This post has been edited by Wedchar2912: Apr 26 2023, 08:28 PM

i thought you were going to say donations... not pensions....

lol

haha... good one.

maybe the idea is with Buffett's reputation (and ability to pay although he is quite cheapskate vs others), Buffett can just go to EPF and hire all the fund managers there to manage his funds.

not a bad idea rite?

the real question is not what all these shenanigans are, but whether the loans were guaranteed or collateralized somehow. Usually Epf would require some form of gov guarantee...

the collaterals and guarantees are the key here.

This post has been edited by Wedchar2912: Apr 29 2023, 09:10 PM

just wait... no need to rush. It only applies for next year's tax filing.

later they say can, but must show proof that the source of funds is from USD.

lol

now is the time for FM and EM and PM to come out and tell us how they are going to improve ringgit's position....

to maximize the inflow into EPF thanks to this increase limit...

because then it will be a money market funds... and that is not the reason why EPF was created.
Funds in EPF comes with many benefit besides just the min return of 2.5%.

agree....

the B40 is being silly but in some sense understandable because of basic human nature... spend now and why worry, especially since a big segment of the population has been spoilt by gov with all sorts of gifts/donations/free-bees... Gov and politicans are to be blamed here, and those who demands money out now should be treated like kids: spank them for demanding chocolates after dinner.

but in the same time, some (I guess we can pretty much narrow it down to the T20 and upper M40s) forgot the purpose of EPF and wants to treat it like a money market fund...
and this is where the proverb "give someone an inch and they'll take a mile" or "diberi betis hendak paha" come in.

60K rm was good... now 100K rm is better.... later someone will say want 200K or even 1 million.
That's not what EPF is for.

This post has been edited by Wedchar2912: Jun 2 2023, 09:16 PM

lets hope the Covid withdrawal experience has opened the eyes of the gov and EPF management of what it will be like when withdrawal is higher than inflow... the nightmare of any fund management...

usually within T+2 biz day.

but dividend accrual will on start at end of the month.

yeap. for the withdrawal above 1 million balance type, if wish to withdraw say 50K rm, need to do so in a EPF branch. Or withdraw twice over 2 days.

Don't get what you mean by tumpang a senior.

The withdrawal is only to withdraw from one's own EPF account and into one's own bank account (must be same name, single account and registered with EPF). So how to tumpang withdrawal?

Alternative is to withdraw over X number of days via online but at 30K rm max per day. Say you wish to withdraw say 70K rm. You can do so very 3 days: 30K, 30K and 10K rm of each day.

Of course if the amount is large, like 300K, it may be better to just go to a EPF branch.

Ah... I won't call it tumpang... I would just say I am managing my parent's account due to the fact that they are not as tech savvy or they just do not want to bother with it.

Currently I am doing: just make sure there are adequate spending money in the account and top up each time it drops below a threshold. That's for CASA.

EPF account... so sad to say that my parent already took everything out upon their retirement to fund my siblings' education. That's that...

a unique question.

Let me ask you. For your credit card payment, what matters is the date you claim you effect the payment or the date that the bank tells you the money has arrived/credited to your card?
Mortgage payment... same thing.

EPF doesn't care when you send the funds, it needs to arrive in their account and reflected in their system before they "count" it.

Also, its only 1 day worth of div for the month your funds arrive.

You are completely off topic, as you were replying to the earlier comment which is about self-contribution (specifically voluntary contribution).

Suddenly jump in out of no where about employer contribution and penalty.



This post has been edited by Wedchar2912: Jul 2 2023, 10:02 PM