for gov servant under the pension scheme, if self-contribution, can it still be used for the income tax deduction?

ok thanks for the info

ok thanks for the info

edit

This post has been edited by lowyat101: Jan 26 2024, 11:54 AM

I'm also planning to do this, as a form of forced saving for my kid's education and retirement. Slowly deposit every month/year, and hopefully after 10+ years can reach the 1mil limit and flexible withdrawal.

But would like to ask, based on the current procedures, once it's above 1mil (I believe it's referring to the total of account 1 + 2 right?), will the withdrawal from the account 1 or 2? or both?

Also is there any limits on the withdrawal and frequency? or it's anytime as long as the balance is more than 1mil?

Thanks

Hi, would like to ask about the withdrawal above 1mil. Is it easy like you can just submit online any amount and it will be credited into bank account automatically?

Coz currently I'm selling my old house and wondering if I shall use the money to pay the loan of the new house (at 4.5%) or put the amount into EPF (over a few years due to the limit of 100k) to make it above 1mil then say once every 3 months I just withdraw the amount enough to pay for the new house instalment? Since I see historically the dividend of EPF is higher than my housing loan interest rate.

Thanks for your feedback

This post has been edited by lowyat101: Jan 26 2024, 11:55 AM

Thanks for the info. for the withdrawal of any amount above the 1mil (30k per day), can it be done via the KWSP website?

Coz I see there's this function but cannot try it since now is still below 1mil

assuming withdraw until account 2 is depleted but account 1 still got more than 1 mil, can still withdraw from account 1 right?

thanks

Hi, wanna ask about the Account 3. From my understanding, for now we can use it as a contingency fund right? Meaning that let's say now I need some cash due to emergency, I can just withdraw it and later after few days when I get the fund back, I can just self-contribute it back right? Provided that I haven't exceeded the yearly self-contribution limit.

Thanks