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 EPF - self contribution, need advise

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GrumpyNooby
post Mar 1 2020, 07:30 PM

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QUOTE(SwarmTroll @ Mar 1 2020, 07:14 PM)
I would presume its not automatic that the EPF contribution will be reduced from 11% to 7%?
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No.
You need to submit a return form like previous 2 rounds.
GrumpyNooby
post Mar 7 2020, 09:39 AM

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QUOTE(angalc557 @ Mar 7 2020, 09:37 AM)
I like to ask to get the RM4k tax relief for income tax deduction, i need to put RM4k to self contribution EPF?
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Are you still employed?
It covers self contribution too.
GrumpyNooby
post Mar 8 2020, 11:50 AM

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EPF is protected by Employees Provident Fund Act 1991
Not safe enough?
GrumpyNooby
post Mar 8 2020, 12:03 PM

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QUOTE(akhito @ Mar 8 2020, 12:02 PM)
Well, i just want to know how u guys thinks. If aunty uncle also think like, no ppl will panic withdraw ald. It is a fun thing to see different kind of opinion.
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If the government of the day is above the law, then you need to afraid.

This post has been edited by GrumpyNooby: Mar 8 2020, 12:03 PM
GrumpyNooby
post Apr 2 2020, 09:44 AM

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QUOTE(sl3ge @ Apr 2 2020, 09:42 AM)
Hi, May i know can i open i-saraan for my child <5 yrs old and also get the incentive?
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Voluntary Contribution with Retirement Incentive (i-Saraan) allows our members who are self-employed and do not earn a regular income to make voluntary contributions towards your retirement, and at the same time receive additional contribution from the government.

Who are the people who fall under the self-employed category?
1. Farmers/Fishermen/Taxi Drivers
2. Small Business Owners/Hawkers/Night Market Traders
3. Babysitters
4. Commission-receiving agents (e.g. insurance agents, real estate agents)
5. Freelancers (e.g. those who receive payment for services including deejays, singers, actors, fitness instructors, consultants)
6. Business Owners (sole proprietors/partners) involved in the trading of goods and services
7. Online Business Owners
8. Professionals with their own practice (e.g. accountants, doctors, lawyers)
9. Housewives
10. Pensionable Employees

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

I don't think so.
I think there's also a min legal age for employement.

This post has been edited by GrumpyNooby: Apr 2 2020, 09:46 AM
GrumpyNooby
post Apr 2 2020, 10:04 PM

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QUOTE(angalc557 @ Apr 2 2020, 09:54 PM)
Hi guys.... in order to get full RM4k relief for EPF self contribution for next year relief..... how much must i contribute to the EPF self contribution in this year?  Is it equal value meaning need to put RM4k to EPF self contribution account?
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If you're self employed, then it'll be RM 4k.
If you're salaried employee, you need to supplement whatever short from your own contribution via salary deduction.
GrumpyNooby
post Apr 8 2020, 10:14 PM

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QUOTE(27needles @ Apr 8 2020, 10:10 PM)
Hi guys, for self-contributors.. Is it still advisable to continue contributing to my own EPF now ?

read something above about gov is using EPF money to save employer or something like that? .. that means using our EPF money right? feel unsafe ..  shocking.gif
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You just asked here few hours ago:

Thread link: https://forum.lowyat.net/topic/2705461/+4260#entry96242039

Post link: https://forum.lowyat.net/index.php?showtopi...post&p=96241901

This post has been edited by GrumpyNooby: Apr 8 2020, 10:15 PM
GrumpyNooby
post May 27 2020, 11:23 AM

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QUOTE(MGM @ May 27 2020, 11:17 AM)
Using M2U to transfer funds to EPF is limited to <= rm5000 per transactions, so have to do 12x for rm60k. What about other banks?
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Same goes to CIMBClicks.
GrumpyNooby
post May 27 2020, 01:05 PM

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QUOTE(MUM @ May 27 2020, 12:59 PM)
from
EPF DIVIDEND, EPF
https://forum.lowyat.net/topic/2705461

from page 195 discussions....
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When I put RM 60k in PEe for KWSP self-contrition payment I got this error:

QUOTE
Transaction Unsuccessful.
Maximum transaction amount for open payment is RM9,999.99.
Please register biller as favourite or apply for SecureSign Token if the payment amount is RM10,000.00 and above.


This post has been edited by GrumpyNooby: May 27 2020, 01:05 PM
GrumpyNooby
post May 28 2020, 07:22 AM

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QUOTE(Human Nature @ May 28 2020, 01:09 AM)
CIMB allows 5000 per transaction too if not mistaken
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Yes. I had shared few posts above.

user posted image

This post has been edited by GrumpyNooby: May 28 2020, 07:25 AM
GrumpyNooby
post May 28 2020, 10:35 AM

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QUOTE(romuluz777 @ May 28 2020, 10:33 AM)
No, I've never signed up EPF as a fav payee, this is not necessary and I think the system doesn't allow you to do this.
Just TAC number sent to the smartphone.
Payment -> Other Payment -> EPF Payment - > Fill in yr name, MyKad No, EPF Acct Number, Month of Caruman, Amount of Caruman,
select self cuntribution....kaotim.
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But why I encountered such error:

QUOTE
Transaction Unsuccessful.
Maximum transaction amount for open payment is RM9,999.99.
Please register biller as favourite or apply for SecureSign Token if the payment amount is RM10,000.00 and above.


I don't have SecureSign Token with me.
GrumpyNooby
post Jun 6 2020, 09:42 AM

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QUOTE(TOS @ Jun 6 2020, 09:40 AM)
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?
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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
GrumpyNooby
post Jun 6 2020, 09:56 AM

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QUOTE(TOS @ Jun 6 2020, 09:50 AM)
So, you are saying that the 15% contribution up to 250 by the government is the matching grant?
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I believe so.

https://financemalaysia.blogspot.com/2019/0...-incentive.html
GrumpyNooby
post Jun 6 2020, 10:14 AM

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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.
GrumpyNooby
post Dec 31 2020, 09:47 PM

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QUOTE(laceruffles91 @ Dec 31 2020, 09:44 PM)
Hi all, I am a salaried worker with epf account, can i self-contribute extra to my epf account random amounts whenever I want? Do I need to isi any borang?
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Additional self contribution no need to fill any form but there's annual cap for it.

https://www.kwsp.gov.my/member/contribution...lf-contribution

This post has been edited by GrumpyNooby: Dec 31 2020, 09:48 PM
GrumpyNooby
post Jan 4 2021, 07:02 AM

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QUOTE(immobile @ Jan 4 2021, 01:13 AM)
Noted. tq tq boss but would the rm60k max reflect after 3 to 4 working days or it comes after the dividend declared around mid/end of feb?
sorry if it is a silly question. tq sir  notworthy.gif

Uncle saw this message over the kwsp main portal website. Was just curious and would like to be sure.

"Note: The up to date balances only available after declared dividend. Please check your balance again later"
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Obviously no.
Your self contribution is meant for 2021.
GrumpyNooby
post Jan 5 2021, 04:33 PM

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QUOTE(romuluz777 @ Jan 5 2021, 04:14 PM)
Login to the KWSP website, check the new balance under Withdrawal Eligibility. This tab does not appear under the i-akaun app on the smartphone, for some unknown reason.
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So after appearing under Withdrawal Eligibilit, then can proceed for withdrawal?
GrumpyNooby
post Jan 5 2021, 04:51 PM

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QUOTE(Chrono-Trigger @ Jan 5 2021, 04:47 PM)
you are withdrawing?
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Waiting for Round 2 of iSinar
GrumpyNooby
post Jan 8 2021, 07:29 AM

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QUOTE(mavistan89 @ Jan 8 2021, 12:50 AM)
Can check through indirect way
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What is the indirect way?
GrumpyNooby
post Jan 13 2021, 01:28 PM

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QUOTE(romuluz777 @ Jan 13 2021, 01:27 PM)
You might want to contact your bank to follow up with the
transaction reference number.
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So yours updated under Withdrawal Eligibility?

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