I once tried to transfer $5 into my EPF (for testing purposes to find out what happens if I accidentally over-credited more than allowed),
even though already maxed out $60K annual limit.

A lady from EPF phoned me and asked for me for my bank account for her to transfer it back.
She then emailed to me and I responded, the 5 bucks was duly returned to my bank account within 2 weeks, followed up a letter from EPF saying the 5 bucks was credited back to me.

until now nobody from epf called me yet...epf informed that self contribution section not operating yet till 8th june

but with your feedback i am glad it can be resolved

On 9Aug2019, i contributed excess of rm5k. On 16Aug, they called me and then follow up by an email to my registered email. They need veeification for you to reply their email..

"Mohon tuan/puan kemukakan maklumat-maklumat berikut untuk tujuan pengembalian bayaran berkenaan :-

a. Alamat terkini ahli
b. Nombor akaun bank ahli yang masih aktif
c. Nama Bank (bagi no.akaun bank tersebut)
d. No Telefon

Untuk sebarang pertaanyaan, sila hubungi Pn. Haliza Zainuddin di talian 03-2694 8566 (samb. 2619)"

They are very helpful. I suggest you can call them for the KL branch provided this lady still handle this matter

i did call KL branch for this matter...however they only handle i-lestari matter for now

only after 8th june onward will they entertain self contribution matter...

but my 5k is stuck in another dimension...

Any thoughts on the i-saraan matching grant for EPF?

I guess there should be a limit to it, otherwise if someone deposited several thousands, the government will have to fork out a huge sum for everyone.

But no information on the limit though?

Retirement Incentive (i-Saraan)
As a member under this incentive, you will receive a 15% government contribution (a maximum of RM250/year [Effective 1 Jan 2018]) on top of your own contributions.

*Not applicable to members that receive a fixed employer contribution.
*Government contribution is limited to members who are below age 55.

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

So, you are saying that the 15% contribution up to 250 by the government is the matching grant?

I believe so.

https://financemalaysia.blogspot.com/2019/0...-incentive.html

I beg to differ.

If that's the case, the announcement by the PM yesterday is utterly useless. i-saraan scheme was launched back in 2018/2019 and the 15% incentive is already known to the public for quite some time. There must be some differences between the matching grant incentive announced yesterday and the original government incentive then, I hope?

After all, matching grant should be based on employee's contribution (with a factor of 1 to 1), completely unrelated to the 15% incentive.

this matching grant that you mentioned....is it about this?
Matching grant for gig workers
https://www.nst.com.my/news/nation/2020/06/...timely-says-epf
"Yesterday, Prime Minister Tan Sri Muhyiddin Yassin announced that the government will provide a matching grant of up to RM50 million for gig economy platforms who contribute towards their gig workers' Social Security Organisation's (Socso) employment injury scheme and the EPF's i-Saraan scheme.
The initiative is among 40 outlined in the RM35 billion allocated under the Penjana Economic Recovery Plan."??

if YES, then,...from the same article...
"The move by the government to provide a matching grant for gig economy workers to contribute towards the Employees Provident Fund (EPF) via the i-Saraan scheme comes at the right time, taking into consideration developments in the country's workforce sector.
i-Saraan allows EPF members who are self-employed and do not earn a regular income to make voluntary contributions towards their retirement and at the same time, receive additional contribution from the government."

for its rate and others...do refer to GrumpyNooby's earlier postings

This post has been edited by yklooi: Jun 6 2020, 10:06 AM

Appreciate that. Yes I am referring to that announcement. But I am trying to understand how this new "matching grant" is different from the 15% incentive earlier. No details are released except the total amount is 50 million. Both Grumpy and you are directing me to the original 15% incentive by the government which I am fully aware of.

What I want to know is how this new "matching grant" is different from the old/original 15% incentive? Or are they the same thing (in which case, the announcement yesterday is useless.)?

This post has been edited by TOS: Jun 6 2020, 10:12 AM

iSaraan has been there since 2018.
Whatever announced by PM is just expanding the scope of coverage to include gig economy workers.

Correct me if I'm wrong.

I think it was meant to allow/encourage those in the gig economy to participate in those scheme....

Ah, useless to me, but useful for gig workers. Got it!

This post has been edited by TOS: Jun 6 2020, 10:19 AM

did they ask for bank transaction as evidence...?

they requested for mine

is it safe to share my bank transactions to them ?

They didnt asked me previously.

I think should be safe as its just like a transaction, like you made a payment and share the transaction detail to a friend. Do make sure they didnt ask you for login and password 😅

just to update:
i sent them a screenshot of the said transaction and a form...

few days later the money has been credited back into my cimb...along with extra money !

haha...

so how many days from over contribution of >60k to finally get back the returns into your bank account?

from the day i furnished them with the form and transaction info...about 4 days

that was fast...
they return just the "extra" RM10 (exceeded RM60k) or the whole sum of the last transaction?