Mine too, early morning.

Yes, until 75

Pay out to you lor

Then the one year wait for the dividend to be paid out must be outrageous...

I guess you imposed the wrong expectations on kwsp, expecting it to behave like a bank, but it's not a bank.. it's a sovereign wealth fund.. they have little in common..

Once you've adjusted your own understanding and expectations, then you will realize only thing needed here is to improve your knowledge, and the world is alright once again.

I was being sarcastic

For those above 1 million.. can deposit and withdraw freely jer... deposit within 100k a year.. and withdrawal as long as balance above 1m

Just to add... not just your amount will be reflected, but also each contribution is a line item in your statement with the amount and date and labelled self contribution, just like your bank statement.

For those who want to treat EPF as a flexi fund, I do believe there is this option of voluntary contribution of your RM60k to your parent's EPF account, which is probably already in Akaun 55 or EMAS and can be withdrawn at any time...

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

Forum experts - kindly feedback if incorrect.

[ Edited - EPF T&C stated topup only for topee who are under 55, so you can contribute to parents until they are aged 54 ]


This post has been edited by gooroojee: Jan 10 2023, 11:35 AM

true... need strong family relationship... and no such issue if single child too... anyway I updated the above to reflect T&C - only valid for topee (recipient) aged below 55...

I assume EPF views this as your sister's own self contribution? The impact is probably where the RM60k annual quota is being used up on.

Wouldn't one be the nephew's quota while the other is the mother's quota?

ok thanks. that's interesting. i had assumed in below scenarios, each person has 60k to contribute to whichever account he's allowed to contribute to (self, spouse, children, parents):

Scenario 1:
- I have 60k, my son has 60k
- i contribute 60k to my EPF account
- my son contribute 60k to his EPF account
- total contribution 120k, both me and son used up 60k quota

Scenario 2:
- I have 60k, my son has 60k
- i contribute 60k to my EPF account
- my son contribute 60k to my EPF account
- total contribution 120k, both me and son used up 60k quota

if topper and toppee share same quota due to contribution to others, then:

Scenario 3:
- I have 60k, my son has 60k
- my son contribute 60k to my EPF account
- total contribution 60k, both me and son used up 60k quota

is the last scenario what you meant? or do you mean the below?

Scenario 4:
- I have 60k, my son has 60k
- my son contribute 60k to my EPF account
- total voluntary contribution to my account maxxed out at 60k, i cannot self-contribute further

with your explanation, now my understanding is that it's based on 60k cap allowed into each individual's account per year then, which also makes sense.

This post has been edited by gooroojee: Jan 10 2023, 12:49 PM

yes - that makes sense. thanks for confirming.

Yes..

Were you trying to do RM30k or above? Maybe try a smaller amount.. RM25k or less...

There's a caveat:

In general, withdrawals are allowed from your EPF account for home loans, to build a house, for studies, for medical treatment, etc., etc.

Above 55 and above 1M are just two more allowed withdrawals.

Cannot

KWSP Facebook updated with all budget incentives. No mention of 100k self contribution.

Don't think it happened.

Launch ASSB .. the additional S for Syariah