Just curious. If you are retired (at any age) and no longer work and don't earn any income, can you still do self-contribution to EPF (subject to the maximum of RM 60k).

Source of fund could be from FD interest or kids giving pocket money.

Hi. I have a question.

My ma got EPF account but she had fully withdrew all the money from the account many years ago

Is the account still active?
Can I monthly contribute to the account and how can I do that?

What is the maximum amount that can be transferred per transaction ? Can transfer RM60K one shot ? Since the annual limit for self cuntribution is 60K...

beLIEve,
1.)I want counting the date and time of i-Akaun appear money, because the appear mean below
if appear in 1 Feb 2020 whole Feb enjoy the monthly interest.
if appear in 31 Jan 2020 lose 1 day interest, but after this Feb and all month enjoy interest.
if appear in 2 Feb 2020 lose whole Feb month interest, but after this, Mac and all month enjoy interest.
Above I right or not?

2.)If every month no top up, but have balance in EPF, this is not complicated counting and use the calculation(Base on counting others, the counting more complicated than above EPF, the results can call very absolutely not wrong count, even of 1 cent), but why use the same counting, the results of above EPF each account can less RM 0.02.
You self do a counting?
You have above situation or not?
I don't know where my wrong, so can use explain why like that?
Above look like not above rounding, I use .00 or .0000 also same, I just curios why like that only?
Thank you.

Thank you for your reply, so no brain ask again, I worry not clear.
That's mean want before 1 Feb 2020 saw the i-Akaun amount appear, that mean safe date is 31 Jan 2020 or before 31 Jan 2020 saw the i-Akaun amount appear, if the 1 Feb 2020 saw ready too late.

I need counting 3 days more, that's mean 25 Jan 2020 bank in, then make sure 31 Jan 2020 saw the amount in i-Akaun, I can assumed the Feb and all months enjoy interest?

Thank you for your wrote above before, if not saw your wrote, I though the EPF counting dairy no need full month also can, now thank you for your reply too.

Hi, anyone can share how does EPF calculates dividend, eg daily interest or based on certain date?

Should I deposit self contribution anyday, month end, or end of the year? Will there be a scenario where the funds I deposit into EPF sitting idle for few days or months and not counted for dividend?

Thanks.

Below is my own experience.

if appear in 1 Feb 2020 whole Feb enjoy the monthly interest.
if appear in 31 Jan 2020 lose 1 day interest, but after this Feb and all month enjoy interest.
if appear in 2 Feb 2020 lose whole Feb month interest, but after this, Mac and all month enjoy interest.

- self contribution via bank on 1/3/2018.  appear in EPF account in 2/3/2018.  Dividend for Mar2018 till Dec2018.  This year will try bank in say 27/28 of the month, to try out the dividend calculation.
2.)If every month no top up, but have balance in EPF, this is not complicated counting and use the calculation(Base on counting others, the counting more complicated than above EPF, the results can call very absolutely not wrong count, even of 1 cent), but why use the same counting, the results of above EPF each account can less RM 0.02.
You self do a counting?

- yes, I do my own calculation. if total  +/- 5 sen, I take it correct.  unless you manual key in after the calculation like rm123.456, you re-key into the worksheet as rm123.46.  then, it should be okay.

the dividend calculation for the contribution is based on one day for the contribution month.  For example: January 2020 contribution and the payment was made within 1st January 2020 until 31th January 2020, dividend calculation is calculated as one day.

if you wish to get dividend for 2020, you may contribute any day in December 2019.

You so talent brain. I worry I not understand, so what you think, I feeling like below. Do you think, I can get and fully understand what you want inform of your situation? Thank you.

Before year 2019 any date you contribute max RM60K in EPF.
Now, you wish fully get 12 months dividend of year 2020, but if in 01 Dec 2019 - 29 Dec 2019 you contribute again RM60K, so total in year 2019 is RM120K.
This is ready broken the EPF rules 1 year cannot max RM60K?

Cause above, now, for safe reason, you plan bank in on 31 Dec 2019, then wait 2 days appeared in I-Akuan, so the date is 2 Jan 2020.
This is mean in year 2019 you not broken the rules, but you can make sure the money appeared in EPF is ready on year 2020, so
a.)You only unable get Jan 2020 whole month dividen, because date fall on 2rd Jan 2020, no 1st Jan 2020.
b.)Also mean in future 01 Jan 2020 - 30 Dec 2020 you unable contribution any money in EPF account.
c.)If you want repeat your step, next year when 31 Dec 2020 you contribution max RM60K again.

Combined all, so for new start and want plan of future is like below?
1.)Must need follow the EPF rules, so if you wish in year 2020 can get whole year 12 months fully dividen, can consider full max the EPF RM60K in 01 Dec 2019 - 29 Dec 2019.
2.)Then year 2019 ready max RM60K, wait till 01 Dec 2020 - 29 Dec 2020 repeat above step and this is for next year 2021...
3.)If you self contribute in 01 Dec 2019 - 29 Dec 2019, above still count in year 2019, so you ready contribute RM60k you can get max RM250 bonus dividen of year 2019, but only no dividen(6%) can get on year 2019, then RM60K dividen start get on year 2020 Jan - end
4.)If you in year 2020 not contribute any money, this is also mean in year 2020 you unable get max RM250 bonus dividen of year 2020, but can get dividen(6%) till end.

No matter saving account or others low interest, why you not consider put in EPF on 28 Jan 2020 ?

Sorry, my bad English and others, I still cannot get. You willing wrote some again. Thank you.

If I'm same shoe, year 2019 max RM60K, then if wish get Year 2020 EPF dividen, the date I'll choice is end of Jan 2020.
Base on 3 reason.
a.)Worry broken RM60K rules
b.)No dividen on Jan 2020
c.)28 days can earn some interest in saving account

Really no brain?
What I wrote, if my situation same, I consider do like above.
OMG, I really very no brain, I unable know above where wrong, can you please like that?

I read again, I think above sentences if mean you can contribute in last day(no need wait amount appeared in I-Akuan) also can get next month whole dividen.

I hope I can get accuracy answer, but I try get from you. You confirmed want wait or not?
Thant's mean if you end of Jan 2020 to deposit, the date you'll choice 28 Jan 2020 or 31 Jan 2020?

If last day through online bank pay to EPF no need count transfer time, this is much more easy and sure. You know?
Thank you.

Makes sense too. At least now I know that contribution on a date gives daily interest for that month too. I mistakenly thought that it will only take effect the following month.

lots of informative answers in this Thread (amazing!)

would anyone happen to know what happens if,
- full RM60k contribution is made NOW via Bank Transfer for Y2020
- additional contributions continue to come in monthly due to Salary

do the additional contributions sit w/o Interest in our EPF accounts or do they “bounce” back out to the account which was used for the initial full RM60k contribution

what is the "last" date to put in, to be eligible for the FULL Jan dividend calculation?

Thanks, I can confirm that is the right amount. Makes me wonder why EPF don't update the main page figures immediately but only the figures buried after accessing a few tabs and buttons.

thanks for getting the EPF's reply...
so if the contribution is "late" to enter EPF and assumed to be in EPF on 2 Jan,......then it will be pro rated (less 1 day) of the whole year dividend?
so assuming RM60k lump sum "late" at 6%  = 3600/365 = approximately RM9.80 less for each 1 day late?

  thanks for pointing out.
will have to keep this in my mind.
I will only get 1 day of dividend payment for that month, no matter when the new contributed money is in the EPF for that month....no pro prorate  benefits for contribution.
Only withdrawal date variance will have the pro rate benefits.

I'm not talking about upgrading the whole system. Im talking about designing a webpage that able to accept payment gateway such as fpx etc. You can check the iwk website how many types of payment they accept.

You talk about current channels are sufficient but do you actually know how many local banks that can make EPF self contributions? Do you think it's really sufficient?

Thanks for replying me at 4 a.m. in the morning.
Precious info. Thanks a lot. So, it will be better to deposit (self-contribute) towards the end of the month rather than at the beginning since I can park my money in a money market fund to earn extra interest, right?

But if this is the case, wouldn't EPF expect sudden surge in inflow of cash towards the end of the month? If they want to make their cash flow smoother, I guess a daily accrued compounding interest dividend calculation would help. That way, people would contribute only when they feel they have to but not "stockpile" the cash and only release them to EPF at the end of the month.

Maybe the calculation is too tedious for them.

So, for ASNB FP fund it is the first day of each month for extra one month dividend, whereas for EPF it is towards the end of the month. Well timing indeed.

Millions of Malaysian highway users started to enjoy an 18% reduced toll rates starting Saturday (Feb 1)

The government’s fresh guarantee will help PLUS to reduce borrowing costs as well as enable it to free up cash that is required to maintain PLUS’ AAA bond rating.

........A source noted that this structure saves the government billions on compensation.
The restructuring exercise also allows the authorities to cut toll rates without breaching its covenant with bondholders. Should the annual traffic growth exceed 1%, being the SPV owner, the government will gain from the additional toll collection.
With the extra money, the government will have the option to either reduce toll rate further or shorten the concession period".
https://www.theedgemarkets.com/article/plus...-securitisation

just for info,...
at 9.32am,...i did a self contribution to my spouse epf a/c using my personal PBE fpx.
at 9.50am,...it is still not reflected in my spouse epf a/c..

thus it is not instantaneous ... for my case.
maybe it is a Sunday, maybe it is not direct to my own epf a/c, maybe, maybe, .....

Wow. Good! Then I contribute later end of the month, put it to get interests elsewhere first.