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 EPF - self contribution, need advise

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bourse
post May 20 2019, 12:59 PM

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Joined: Apr 2019
for self contribution
- can use CIMB and MBB
- enjoy dividend rate as usual

VS.


for I-Saraan/I-Suri
- only via MBB and Public Bank, others bank do not have this selection
- enjoy dividend rate as usual
- addition government incentives

http://www.kwsp.gov.my/en/member/contribution/i-saraan
Opted to contribute under 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.

http://www.kwsp.gov.my/member/contribution/insentif-suri
Housewives who are registered in the National Database on Poverty (eKasih) as of 30 Nov 2018
Receive government contribution of RM200* in 2018, and RM480 per annum in the subsequent year.
Must contribute a minimum of RM5 per month or RM60 per annum into your EPF account.
bourse
post May 24 2019, 01:57 PM

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QUOTE(Nicholas Kang @ May 24 2019, 01:36 PM)
Hi Krv23490. Hope everything is going well for you.

Thanks for the info. I opened my EPF account this morning. There is a nice retirement advisory service provided at my Seberang Jaya branch here.

The i-Saraan scheme is quite attractive, highly recommended for housewife, self-employed, and students alike. You pay any amount you like at anytime and the government will subsidize 11% up to a maximum of RM 250 per year.

Withdrawal is possible before 55. You can withdraw 30% of your EPF (i.e. Account 2) at the age of 50 and for housing, medical and education payments at any age. Link: http://www.kwsp.gov.my/member/withdrawals

(Nice new webpage!)

You are right that there is liquidity risk but since we are saving for retirement, it does not contradict our (should be "my") goals here. A well-diversified investment portfolio should already have included other more liquid investment vehicles.

Just an off-topic question: Is it true that EPF is linked to the 1MDB scandal or had EPF invest in any "suspicious" companies before? Not that I don't trust the board of directors. I never heard any issues with PNB, but various rumours are out there. Not sure who to believe in.

Thanks.
*
RM250 per year till 2022.

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bourse
post Jul 1 2019, 03:54 PM

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QUOTE(Human Nature @ Jun 30 2019, 11:05 AM)
For voluntary contribution, can we decide which account we want to channel it to or it will still be proportion to 70:30?
*
self contribution will appear in employee column and it will proportion to 70:30.
bourse
post Jul 16 2019, 10:12 PM

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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.
bourse
post Mar 1 2020, 06:55 PM

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QUOTE(Wong Kit yew @ Feb 13 2020, 09:38 PM)
When will the 15% insentive of i-saraan be credited to the account?
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May-Jun19 contribution = 15% incentive bank in Oct 2019

Jul-Dec19 contribution = 15% incentive bank in Feb 2020.



Jan-Sep18 & Jan-Feb19 using CIMB, no 15% incentive bank in. Email complain.

EPF explain have to use MBB and PBB with the feature of i-Saraan contribution. Refer Page6 Post135 by birdman8 for the outlook.

CIMB at that point of my contribution did not have the selection of i-Saraan contribution.
bourse
post Mar 4 2020, 04:04 PM

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QUOTE(bourse @ Mar 1 2020, 06:55 PM)
Jul-Dec19 contribution = 15% incentive bank in Feb 2020.
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QUOTE(hwachong @ Mar 4 2020, 11:48 AM)
Have you receive the incentive in Feb 2020?
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yes. as above mentioned.
bourse
post Mar 4 2020, 04:06 PM

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Joined: Apr 2019
The incentive also calculate for dividend payment. double happy rclxm9.gif
bourse
post Mar 8 2020, 11:21 PM

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QUOTE(idoblu @ Mar 7 2020, 11:38 AM)
ah thats what i have been doing, multiples of 5K
thanks for letting me know, strange this maybank told me 15K limit
*
weird... end of Feb, I just do one transaction to epf around rm7k using MBB. no issue at all.
bourse
post Jan 1 2021, 03:34 PM

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QUOTE(ikanbilis @ Dec 27 2020, 04:39 PM)
I check my 2019 statement and noticed my contribution made during April 2019 and gov contribution credited October 2019.

So i guess gov contribution will be made in Sep/Oct for i-saraan deposited before June. I have no idea when will be the gov contribution be credited for i-saraan made from July onwards. So everyone try to deposit the i-saraan before June to be safe.
*
Jan19 - Feb19 did not pick I-saraan at bank option, so no gov contribution for it.
May19 - Jun19 I-saraan, gov contribution RM70.05 in Oct 19.
Jul19 - Dec19 I-saraan, gov contribution RM179.95 in Feb 20.
2019 I-saraan, gov give RM250 in total.

Jan20 - Jun20 I-saraan, gov contribution RM250 in Sep 20.
Jul20 - Dec20 I-saraan, gov contribution should be next year Feb.
2020 I-saraan, gov already give max RM250, dunno next feb/mar still receiving or not.
bourse
post Jan 13 2021, 07:30 PM

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QUOTE(idoblu @ Jan 13 2021, 01:44 PM)
Mine under withdraw eligibility also not reflected
yes using desktop website
*
Account Summary figure same with Withdraw eligibility confused.gif

Monday I bank in 1k, today Wednesday the Withdraw eligibility had reflect the this extra 1k.
bourse
post Feb 3 2021, 02:08 PM

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it will updated Jan & Feb contribution after dividend announcement, probably in early Mar.
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