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 EPF - self contribution, need advise

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BWassup
post Feb 25 2023, 04:08 PM

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QUOTE(MUM @ Feb 25 2023, 02:23 PM)
What you do think should work and How should it be done better so that it won't be seen as "Something is wrong somewhere..."?

They should make the new changes and announce it to the public  in their Facebook pages or website before getting the parliament approval?
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If there was gonna be an increase from 60k to 100k, wouldn't it have to be in the Proposed Budget first? Parliament is only gonna approve what Anwar has proposed in his paper yesterday. How would they be able to insert an additional proposal at the parliament sitting or announce it in fb without it being in the Proposed Budget?

I can't see anything about the 100k in the Touchpoints or in the Star paper either (unless I missed reading it).

So I don't see anything "wrong", and just take it that there isn't gonna be any increase this year.
😅

BWassup
post Feb 25 2023, 04:46 PM

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QUOTE(MUM @ Feb 25 2023, 04:18 PM)
Try touchpoint as per link in post 1170 page 59, by TOS
EPF - self contribution, need advise
https://forum.lowyat.net/topic/4745820/+1160
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Thank you. Yes, I rechecked the English version, and it is there too. Attached File  2023_touchpoint_en.pdf ( 529.74k ) Number of downloads: 14
Page 77




BWassup
post Apr 26 2023, 06:22 PM

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QUOTE(MGM @ Apr 26 2023, 08:42 AM)
Yes. Use Epf i-Akaun for deposit, eventhough my such deposits were credited the next day(even on weekend), safer to do it on 27/28th instead of 29th which is Saturday, and Monday 1May is a holiday.
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Ask something about this rule in EPF FAQ:

6. When will the Voluntary Contribution payment via i-Akaun mobile application be credited to the member's EPF account?
The Voluntary Contribution payment will be credited to member’s EPF account at least in three working days after the bank transferred the payment to the EPF.

So if we want to be earn the profit for May 2023, it means we that need to do the transfer by 25th April (whether via App or via Online Banking), to ensure that it is reflected in our EPF account by 28th April, which is the last working day in April?
BWassup
post Apr 26 2023, 07:34 PM

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QUOTE(nexona88 @ Apr 26 2023, 06:27 PM)
actually speaking...

Today Wed is the last to be safe...

do it NOW..

reflect in Friday confirm
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Thanks.

Like many, just waiting for EPF to advise on the increase in maximum contribution. Looks like it will have to be at end of May laugh.gif
BWassup
post Jun 24 2023, 10:36 PM

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As per EPF website:

*Contribution payment amount will be credited into EPF member's account within 3 working days for electronic payment.

Based on my past 2 years experience, for online payment from bank account, it is credited the next working day. Though to be safe, I have been transferring 3 working days before month end. laugh.gif

I'm thinking of using the mobile app next week for the first time, as the contribution can be made from all banks rather than selected banks as for online contribution.

Anyone used the mobile app for contribution before, and how many days does it take for the contribution to be reflected in your account?


BWassup
post Jun 25 2023, 10:54 AM

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QUOTE(sirius2017 @ Jun 24 2023, 11:57 PM)
Been using online MBB bank app to do self contributions all these years. Liked how you had experience, contributions was credited the next working day. Can see the contributions reflected in the i-akaun app/web the following morning.

On 1st June, I did used KWSP i-akaun mobile app to test out.
Did the contribution 1 June 2023, Tues morning.
Saw the contribution reflected in i-akaun web/app on 3 June 2023 morning.
Date of crediting is 2 June 2023. So, it work just like contribution from bank app.

https://forum.lowyat.net/topic/4745820/+2083
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Great. I'll do it on Tuesday 27th, giving 2 clear working days to month end. tongue.gif
BWassup
post Jun 25 2023, 11:01 AM

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Some banks have lowered their online banking/fpx limits to RM30k per day, so please take note if intending to contribute more than that in one day from a single bank. wink.gif
BWassup
post Jun 25 2023, 06:00 PM

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QUOTE(nexona88 @ Jun 25 2023, 12:37 PM)
Since when??

Not 50k anymore??

Public Bank 100k also reduce ahhh??

🤔🧐
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I got this from HLB website. Not sure if up to date or how accurate, cos I saw in MBB website that the daily fpx limit is 50k, tho each fpx transaction is limited to 30k:

https://s.hongleongconnect.my/rib/content/fpx_limit.pdf



This post has been edited by BWassup: Jun 25 2023, 06:05 PM
BWassup
post Jun 26 2023, 09:06 AM

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QUOTE(MGM @ Jun 26 2023, 12:24 AM)
29June is Hari Raya Haji.
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Yeah, that's why I'm doing on 27th. 27+2 working days = 30th smile.gif

This post has been edited by BWassup: Jun 26 2023, 09:07 AM
BWassup
post Jun 27 2023, 10:35 AM

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Deleted

This post has been edited by BWassup: Jun 27 2023, 10:41 AM
BWassup
post Jun 29 2023, 10:32 AM

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Made self-contribution via EPF i-Akaun on 27th morning. Credited overnight on 28th and dated 28th.
BWassup
post Jun 29 2023, 11:28 PM

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QUOTE(nexona88 @ Jun 29 2023, 10:42 PM)
It's normal for online banking...

Monday deposit, Wednesday get in the EPF account (dated Tuesday)

iAkaun should be even faster.... Monday deposit Tuesday reflected?? No?
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deleted

This post has been edited by BWassup: Jun 29 2023, 11:34 PM
BWassup
post Jul 1 2023, 03:36 PM

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QUOTE(MGM @ Jul 1 2023, 06:31 AM)
I deposited on the same 3 days using iAkaun, all credited n reflected on the next day irrespective of public holidays.
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Contribution via i-Akaun on 28th credited as 29th, which is a public holiday? EPF working and the computer system running on a public holiday?

This post has been edited by BWassup: Jul 1 2023, 03:37 PM
BWassup
post Jul 1 2023, 03:43 PM

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QUOTE(MGM @ Jul 1 2023, 03:38 PM)
Yes
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Wow, that's great thumbsup.gif . So there is no need for EPF to specify 3 working days to process and credit account.
BWassup
post Jul 2 2023, 06:22 PM

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QUOTE(N9484640 @ Jul 2 2023, 05:59 PM)
I remember reading some comments that one should put in money at the end of the month. My self contribution was reflected on July 1st. Does that mean I won’t get any interest for the whole month of July?
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You will get 1 day interest for July. Unfortunately

When did you make the contribution?
BWassup
post Jul 3 2023, 04:50 PM

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QUOTE(nexona88 @ Jul 3 2023, 09:10 AM)
So now onward just self contribute around 3 to 4 working days before month end 🙏
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2 days is enough as proven by so many people in June itself.

If you are willing to take the risk, 1 day also can, provided no hiccups at EPF side biggrin.gif
BWassup
post Jul 6 2023, 10:03 AM

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QUOTE(coolguy_0925 @ Jul 6 2023, 12:54 AM)
Jusr wonder how he came out with the #

If just pluck in general then not really showing the real picture

For example, I know someone having not much in EPF because he / she is a Gov servant and the EPF contributed was during the waiting period to be converted to pension scheme and now already in pension scheme sure no more additional inflow from salary

And of course there are many other cases like employees became employers and stopped contributing etc.

If these are also included sure diluted the #, but I know... not easy to seggregate these pool of ppl from total contributors
Bad for myself

I have self dicipline so I am not the typ that need to be forced but this will take away my flexibility and cash liquidity when I reach 55yo
I don't think it will go until 80... max is 60yo or worst 70yo

Average Msians only live up to 70+ devil.gif

But that's too early to say because they only 'study' and you know some studies you will always hear the thunder but never rain

And EPF I don't think they can 'confirm plus chop' that special withdrawal will not happen as you know... if another side took over then this will surely happen
Ya if you have self dicipline that really takes away freedom, flexibility and liquidity
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Yeah, it's only a study. What are the finer details if it ever comes to pass, we'll have to wait n see.

Meanwhile, happy to contribute for the above average dividends. biggrin.gif
BWassup
post Jul 6 2023, 06:10 PM

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Meanwhile, Anwar said the government was open to a suggestion by the Employees Provident Fund (EPF) to make it mandatory for new EPF members in the future to withdraw their savings periodically instead of a lump sum on reaching 55 years old.

“I’m open to it,” Anwar said.

However, the prime minister said certain constraints had to be taken into consideration, including the fact that the savings of some EPF members were too small.

Yesterday, EPF chief executive officer Datuk Seri Amir Hamzah Azizan was reported as saying that the existing option of periodic withdrawals on a monthly basis was seen as offering members a better way to manage their retirement funds.

He said making periodic withdrawals would also allow members to continue enjoying annual dividends for their remaining savings in EPF. - Bernama


https://newswav.com/A2307_Dbd6hw?s=A_TFNK1sm&language=en

 

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