EPF - self contribution, need advise
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 Mar 8 2022, 02:55 PM
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Senior Member
2,618 posts Joined: Apr 2012 
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QUOTE(MUM @ Mar 8 2022, 01:18 PM) Then some would say,... Why want to benefits the rich? ðŸ˜ðŸ˜ðŸ˜¬ðŸ™„ There was a year or so , maybe @bbgoat can enlightened us that the voluntary contribution was uncapped.EPF payouts making well-off members richer http://malaysiansmustknowthetruth.blogspot...embers.html?m=1  |
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Mar 8 2022, 04:11 PM
Show posts by this member only | IPv6 | Post
#702
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Senior Member
2,543 posts Joined: Jan 2003
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QUOTE(magika @ Mar 8 2022, 02:50 PM) According to epf the extra amount will be tergantung and unless you monitor your deposit then ......how is the epf going to know your account number and to return it just like that may have some complication... just thinking aloud dont shoot me. Last time a forummer reported that he accidentally contributed 60,005. The extra rm5 was refunded to him through a cheque.A bit diff case but something like that happens to my sspn acoount.. around 70k+ was tergantung but luckily i have been monitoring it and after a bit of hassle finally got it back after about 2 weeks. Try not to let such a thing happen as very messy.  gunavision and magika liked this post
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Mar 8 2022, 04:48 PM
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Senior Member
2,618 posts Joined: Apr 2012
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QUOTE(ikanbilis @ Mar 8 2022, 04:11 PM) Last time a forummer reported that he accidentally contributed 60,005. The extra rm5 was refunded to him through a cheque. Its part of the reason that i dont trust most counter staff unless they can show me correlating balck n white. |
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Mar 8 2022, 05:26 PM
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Senior Member
3,665 posts Joined: Apr 2019
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QUOTE(saintmikal @ Mar 8 2022, 12:56 PM) What happens if you do more than RM 60k self contribution? What happens at 60,001 onwards? The last transaction that causes the year's self contribution to exceed 60K rm exactly will bounce back. Say for example you have contributed 45K rm. Then the latest self contribution was 15,001 rm. They will reject the whole 15,001 rm contribution. lkh78 liked this post
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Mar 8 2022, 06:24 PM
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Senior Member
2,618 posts Joined: Apr 2012
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QUOTE(ikanbilis @ Mar 8 2022, 04:11 PM) Last time a forummer reported that he accidentally contributed 60,005. The extra rm5 was refunded to him through a cheque. QUOTE(Wedchar2912 @ Mar 8 2022, 05:26 PM) The last transaction that causes the year's self contribution to exceed 60K rm exactly will bounce back. Which one correct ? Say for example you have contributed 45K rm. Then the latest self contribution was 15,001 rm. They will reject the whole 15,001 rm contribution. |
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Mar 8 2022, 06:36 PM
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#706
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All Stars
14,931 posts Joined: Mar 2015
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QUOTE(c64 @ Mar 8 2022, 02:47 PM) Money tendand balik to your bank account. I kena before. C64, do you still remember??? When last time you kena, did they just refund the money that exceeded the 60k sum or they refund all money from the last deposits that caused the sum to be over 60k... Ex: 40k deposited earlier, then deposit 25k again months later (same year) ... Did they refund you the 5k (5k was over the 60k limits) or the refund you the whole 25k? QUOTE(magika @ Mar 8 2022, 06:24 PM) Which one correct ? |
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Mar 8 2022, 06:47 PM
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Junior Member
711 posts Joined: Sep 2021 
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QUOTE(MUM @ Mar 8 2022, 06:36 PM) C64, do you still remember??? Sorry, can't remember in detail...I overpaid RM500 I think...but maybe that 500 ngam ngam is what I put in....When last time you kena, did they just refund the money that exceeded the 60k sum or they refund all money from the last deposits that caused the sum to be over 60k... Ex: 40k deposited earlier, then deposit 25k again months later (same year) ... Did they refund you the 5k (5k was over the 60k limits) or the refund you the whole 25k? |
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Mar 8 2022, 06:58 PM
Show posts by this member only | IPv6 | Post
#708
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All Stars
14,931 posts Joined: Mar 2015
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QUOTE(c64 @ Mar 8 2022, 06:47 PM) Sorry, can't remember in detail...I overpaid RM500 I think...but maybe that 500 ngam ngam is what I put in.... So after your earlier deposits had already maxed to the 60k limit. When you deposited 500, they refunded you the 500.... |
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Mar 8 2022, 07:36 PM
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Senior Member
3,665 posts Joined: Apr 2019
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QUOTE(magika @ Mar 8 2022, 06:24 PM) Which one correct ? Mine is based on my actual experience. any forumer who wish to contribute 60K and willing to test out the system can give this a try. contribute 55K rm at start... and then the final one more time transaction 5,005 rm. See if 5 rm was refunded or 5.005K refunded. The worst that can happen is the 5.005K refunded and then redo it again at exactly 5K rm. This post has been edited by Wedchar2912: Mar 8 2022, 07:36 PM |
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Mar 10 2022, 09:02 AM
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Junior Member
20 posts Joined: Aug 2008
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From recent experience. Epf will refund the whole transaction. If transaction is 5.5k, overpaid 500. Epf will reject the entire transaction and refund 5.5k. you then need to redo with 5k.
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Mar 10 2022, 10:39 PM
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Senior Member
1,920 posts Joined: Jan 2005
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I want to ask on behalf my parent... He is 65 yo now. can he do self contributions with max RM60k/year and then withdraw small amount every month for spending? Any restrictions on number of withdrawal and amount? He wants to treat this as savings for self contribution
This post has been edited by blibala: Mar 10 2022, 10:40 PM |
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Mar 10 2022, 10:43 PM
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Senior Member
2,193 posts Joined: Feb 2012
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QUOTE(blibala @ Mar 10 2022, 10:39 PM) I want to ask on behalf my parent... He is 65 yo now. can he do self contributions with max RM60k/year and then withdraw small amount every month for spending? Any restrictions on number of withdrawal and amount? He wants to treat this as savings for self contribution Yes, until 75 |
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Mar 11 2022, 12:08 PM
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Senior Member
2,618 posts Joined: Apr 2012
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QUOTE(blibala @ Mar 10 2022, 10:39 PM) I want to ask on behalf my parent... He is 65 yo now. can he do self contributions with max RM60k/year and then withdraw small amount every month for spending? Any restrictions on number of withdrawal and amount? He wants to treat this as savings for self contribution yes. Can treat like own kitty bank. Online withdrawal is best and no limit to number of withdrawal. Read back my previous post on how to perform online withdrawal. Wedchar2912 liked this post
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Mar 11 2022, 03:50 PM
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#714
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Senior Member
912 posts Joined: Mar 2011 From: Infinity & Beyond
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QUOTE(gooroojee @ Mar 10 2022, 10:43 PM) Yes, until 75 so, out of curiosity - what happens when we exceed 100 year old age? |
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Mar 11 2022, 04:04 PM
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Senior Member
3,665 posts Joined: Apr 2019
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QUOTE(GravityFi3ld @ Mar 11 2022, 03:50 PM) so, out of curiosity - what happens when we exceed 100 year old age? unless there is a miracle cure or a fountain of youth type remedy, I would think the majority would just wish that one is dead at 100 years old. c64 liked this post
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Mar 11 2022, 04:07 PM
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#716
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All Stars
14,931 posts Joined: Mar 2015
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just some statistic,...
As of Sept 15 2015, this year, there are a total of 43,599 Malaysians who are more than 100 years old," said Zahid, who is also Home Minister, in a written reply to a question by Datuk Seri Noh Omar (BN-Tanjung Karang) today. https://www.nst.com.my/news/2015/11/live-lo...0the%20category. but i guess, the money in EPF would have long gone already,... what is the use of money in EPF, if you cannot get to play with the things. girls, boyfriends, etc etc you loved while you are still have the energy to enjoy the fun... |
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Mar 11 2022, 04:48 PM
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Senior Member
2,193 posts Joined: Feb 2012
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QUOTE(GravityFi3ld @ Mar 11 2022, 03:50 PM) so, out of curiosity - what happens when we exceed 100 year old age? Pay out to you lor |
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Mar 11 2022, 06:30 PM
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Senior Member
2,618 posts Joined: Apr 2012
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With the world equities tumbling, it would be a nice surprise if epf can give a 5% dividend for 2022. Couldnt wait for 1st quarter result.
Personally if can give 4% above also nice already. |
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Mar 12 2022, 10:53 AM
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Senior Member
3,665 posts Joined: Apr 2019
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QUOTE(magika @ Mar 11 2022, 06:30 PM) With the world equities tumbling, it would be a nice surprise if epf can give a 5% dividend for 2022. Couldnt wait for 1st quarter result. so fast you are looking forward to 2022's dividend already.... 2021 result barely out for 10 days... Personally if can give 4% above also nice already.  |
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Mar 23 2022, 03:08 PM
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#720
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All Stars
26,530 posts Joined: Jan 2003
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Contribution via CIMB clicks is capped at RM5k per transfer. Is there such limit per transaction for Public Bank? Thank you
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