My profile says I-Saraan, last year I made voluntary contribution, but I didn't get the RM500. does the contribution needed to be via a certain manner?

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Sorry. moot question. Just read that there must not be any employer contribution for the year.

This post has been edited by BenChiew: Sep 19 2024, 10:20 AM

Wow. Never thought of that.
So I just need to deposit RM3500 per year to get the RM500?
is there a cutoff date for the year?

Thanks for the heads up. I am just about to get my kids to register for I-saraan. they already have an epf account.
So upon seeing the I-saraan product, just deposit RM3.5k? Via the Rm100k yearly allocation?

Then wait for the RM500 March 2025?

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oops, half yearly means RM1750 for RM250?

This post has been edited by BenChiew: Nov 8 2024, 04:15 PM

So if i deposit RM3500 this month, next year should get the RM500. Thanks a lot guys.

Whatever income you get, clear that with the tax man. There are allowable deductions there for epf in arriving at your taxable income. Once you have done that, you are free to do whatever you want with your taxed income.

Rm100k deposits into epf is one of your options.

Same here. Keep it longer than I need to, it may end up somewhere else other than epf. 😂

I have access to akaun 55. The voluntary i put in is incase i live to 99 years Old.

This post has been edited by BenChiew: Jan 8 2025, 01:26 AM

For the RM500 incentive, let's say my last employer contribution is Oct 2024, will I be entitled this year?

Meaning if I deposit the RM2500 today, it will likely be captured during Sep 2025 payout?

you can comfortably do 40% if you are on the 28% tax band.

you can only do that if your taxable income is below RM100k per annum. A ringgit after that attracts 25% tax.

I agree with you. only a small fraction have that luxury. probably the older higher income people that have pretty much paid up everything and not having to pay loans. and maintain a modest lifestyle.

It does not affect your income tax. But since the discussion was about how high can one go. I am trying to point out that it really depends on the individual income too.
Let's say you make RM100k a month. The majority of your taxable income is at 28%. you can't choose to do 80% employee contribution as you would only have 72% balance after deducting income tax. Without taking into consideration any other deduction or expenses.

in contrast, if you earned RM3k a month, single and lived in your parents home. you can choose to do 80% since there is no income tax pcb and would be able to get by with RM600 a month on transport and small purchases.

This post has been edited by BenChiew: Feb 9 2025, 04:22 PM

Standard Chartered accepts EPF statements to process credit card applications. Not so much as a collateral, but it's conclusive evidence of income every month. Hope this helps.

https://www.sc.com/my/credit-cards/#:~:text...20second%20year

This post has been edited by BenChiew: Feb 12 2025, 03:51 PM

Please dont quote me but I think the epf statement serves as a very reliable source document to decipher the applicant's income. It has one benefit compared to salary slip and bank statement, the epf statement can reveal how much dividend income from a reliable source.

Having zero taxable income does not mean you dont have income. Just that the income has not surpassed the threshold to start paying taxes.

Standard Chartered recently made some changes. they no longer want mediocre customers. Bank account opening is RM5k. All credit card application is a minimum of RM8k per month, even for their base products.
Adopting epf statements as their source documents.

Logically it is impossible for EPF to serve as a collateral. Even bankruptcy or court order can't touch it, let alone a commercial arrangement. To me the integrity of the epf statement is better than a salary slip.

How does one get a million into kwsp in 3-4 years?

The earlier poster narrated that the account holder is 18-21 years old and not even working. Even daddykasi, one can’t get all in within 3 years. Unless daddy put the child as an employee in their company. I highly doubt that they will do that because the amount of tax will be huge.
And it’s not a million. He said many millions.

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I stand corrected. He said bank account. I misread it as epf account. Sorry.

This post has been edited by BenChiew: Mar 1 2025, 09:19 AM

Got mine dated 4 March 2025 for this year. Quite efficient. Last employer contribution was Oct 2024. Deposited RM2500 in Feb 2025. wonder if they take it back if I go back to employment this year.