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 EPF - self contribution, need advise

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FinalHistory
post Jan 30 2023, 01:19 AM

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QUOTE(MGM @ Jan 29 2023, 11:59 PM)
Thanks u r right, failed at 40k but 30k accepted. Instead of issuing msg amount too big it hanged/spinning at the FPX page.
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How do you find out that it hanged/spinning at the FPX page? I self contributed RM 20k on Friday and until today still not inside my EPF account.
FinalHistory
post Jan 30 2023, 02:09 PM

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QUOTE(koaydarren @ Jan 30 2023, 01:26 AM)
Monday night around 11pm will reflect on your apps. It requires minimum of 3 working days.
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QUOTE(CommodoreAmiga @ Jan 30 2023, 07:47 AM)
No need kan cheong. Count 3 working days . Latest tomorrow night.
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Thank you so much all. Because this was my 1st time and it was big sum, so I got nervous a bit sad.gif

I am sorry that I didn't read through all the threads, would like to know, you guys every month allocate a certain percentage of the income to self contribute to EPF?

And I am also curious, you all are in business? Or there are some here actually under employment and decided to top up more on top of what already been contributed by the gross salary and employer by self contributing ?

Thank you
FinalHistory
post Jan 31 2023, 08:48 AM

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QUOTE(cute_boboi @ Jan 30 2023, 11:41 PM)
I'm under employment. Inform your HR to help fill up and submit Form 17A and you need to inform your employee % you want to contribute.
My consideration to do >11% for employee is after monthly:
- pay off all loans/CC
- cover all expenses
- some liquid cash/FD savings
- some for other non-EPF investment
- additional savings for bulk that come in some months, e.g. car insurance, roadtax, travel, annual fees, professional fees, etc.

Then only commit the amount (%) additional.
You may stop or change via Form 17A anytime, but try not to over commit too much and strangle ownself. Start with a % you are really really comfortable.

Also my consideration is either hit age 55 or >1M first. Then my EPF is like a savings/FD account already, can withdraw anytime and continue to compound.

icon_rolleyes.gif
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Thank you so much for such a great idea. I remember the same Form 17A is to fill up in order to select either 9% or 11% contribution. I have never thought of changing it through this form, I thought I personally self contribute like a thousand from my own saving acc, now after you mentioned it, I realised that going through the employer will be better as it will not be taxable. notworthy.gif
FinalHistory
post Feb 1 2023, 12:08 AM

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QUOTE(cute_boboi @ Jan 31 2023, 11:09 PM)
I forgot one point above. There is still the yearly 60k EPF top-up that you can do. So if you can't even fill up the 60k/year, no need 17A. Just keep your cash liquid.
Yes, can go up all the way to 90% or somewhere there (just check is 89%). Doesn't sound right but yes can do that. Some may have sugar mommy/daddy that don't need to touch the monthly salary  rolleyes.gif But reasonably, normally range around 15-30%
Singapore employee CPF is around 20% while our EPF is 11%
Keep it up bro ! Motivate each another  thumbup.gif

Why I say IBG cause it takes few working days for 2nd online withdrawal and subsequent ones to show in my savings account. It's not IFT/DuitNow immediate within the same day.
Correct. I recall it must be submitted by the Employer HR dept. You cannot submit Form 17A on your own directly to EPF, as it needs HR signature/chop or something.
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You meant if I can't even fill up the 60k/year, then it is no point to put money into EPF? Why?
FinalHistory
post Feb 1 2023, 01:46 PM

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QUOTE(cute_boboi @ Feb 1 2023, 12:26 AM)
No, I mean if can't fill up the 60k/year, then no need deduct more than the standard 11% employee using Form 17A. This is to keep your cash liquidity options more open until year end (or early of next year) to bulk deposit up to the 60k limit.
Or you can even do monthly or quarterly deposit to utilize the 60k/year.

Perhaps another method is to deduct monthly >11% using Form 17A. Then perhaps year end get big bonus and can utilize the 60k/year to dump in additional income.

Like I say above, everyone's journey is different.
icon_rolleyes.gif
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Oh i see I see. At least now I got a better picture to make decision notworthy.gif notworthy.gif

 

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