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 EPF for Foreigner? WHY?, High Interest Return for them too???

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mick84
post Oct 20 2024, 10:28 PM

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The biggest winner for the new min. wage is EPF.
TSmewhoyou
post Oct 20 2024, 11:57 PM

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QUOTE(mick84 @ Oct 20 2024, 10:28 PM)
The biggest winner for the new min. wage is EPF.
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Loose is local as when they go back to home country they can withdraw everything …. It’s so freaking stupid. Work permit over and not renew they can request for full disbursement.
nate_nightroad
post Oct 20 2024, 11:59 PM

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bangala also pay epf?
pokemon
post Oct 21 2024, 12:13 AM

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QUOTE(DoragonHunter @ Oct 20 2024, 10:04 PM)
This is a win-win solution for all. The losers here are actually Chinamen companies that are a bigger traitors to the country's economy.

1. More money for EPF. After several withdrawals EPF needs to replenish from the time being and considering that there are at least 3 mil foreigners, it's basically a large pool of money EPF can tap to.
2. Our ringgit becomes stronger. No joke, but banglas earning 4-5k a month from overtime/under the table money and remittance to their own country means that our ringgit is weakening as there are more outflows than inflows. By ensuring that EPF is mandatory, a decent sum of money shall be kept within the country instead of flying off to another country.
3. Less low skill foreign worker. The EPF alone made sure that it's cheaper to hire locals than foreigners and its more harder to run than LHDN. It means it is far harder to pay in cash unless you're an illegal worker.
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Overtime is not subject to epf contribution.
pokemon
post Oct 21 2024, 12:14 AM

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QUOTE(mewhoyou @ Oct 20 2024, 11:57 PM)
Loose is local as when they go back to home country they can withdraw everything …. It’s so freaking stupid. Work permit over and not renew they can request for full disbursement.
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They can withdraw but can make life difficult for them to withdraw.
They must prove they are retire or no longer be able to work, then can withdraw.
cms
post Oct 21 2024, 12:16 AM

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QUOTE(mewhoyou @ Oct 20 2024, 11:57 PM)
Loose is local as when they go back to home country they can withdraw everything …. It’s so freaking stupid. Work permit over and not renew they can request for full disbursement.
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Sure so easy can withdraw or not ? Go back can take out
Moshpit94
post Oct 21 2024, 12:17 AM

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QUOTE(pokemon @ Oct 21 2024, 12:13 AM)
Overtime is not subject to epf contribution.
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Put aside the overtime notes but what DoragonHunter explain is true.

Government doesn't really care those foreign worker want to withdraw money when they left malaysia, the first step for everything is to catch this Chinamen companies which led to wage disparity
RT8081
post Oct 21 2024, 12:21 AM

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QUOTE(mewhoyou @ Oct 20 2024, 11:57 PM)
Loose is local as when they go back to home country they can withdraw everything …. It’s so freaking stupid. Work permit over and not renew they can request for full disbursement.
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dont be bodo for once, can or not ? you think only foreign workers meh ?

what about foreign spouse or those expat ?
hihihehe
post Oct 21 2024, 12:35 AM

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QUOTE(mewhoyou @ Oct 20 2024, 11:57 PM)
Loose is local as when they go back to home country they can withdraw everything …. It’s so freaking stupid. Work permit over and not renew they can request for full disbursement.
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What so stupid? At least madani get to hold your money first go invest or something
vhs
post Oct 21 2024, 07:44 AM

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Because they want to entice the foreigners to self contribute to EPF and stop sending money back home. tongue.gif
diffyhelman2
post Oct 21 2024, 08:00 AM

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QUOTE(ifourtos @ Oct 20 2024, 10:00 PM)
1 of the most Stupid thread in 2024.
EPF = forced Tax.
If you think EPF is your money, you are still deep sleep.

RM10000 today = Shit in 30 years later.
Just like how RM1000 you go back 30 years ago, you can do so much more.

EPF is just another kind of Tax. or Forced Loan
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If epf did not exist, you would already have used it to fund your business and likely lost it all by now. So no, it’s forced savings, as unpleasant as it sounds right now. You will appreciate it when you too old to work.
TSmewhoyou
post Oct 21 2024, 11:17 AM

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QUOTE(Moshpit94 @ Oct 21 2024, 12:17 AM)
Put aside the overtime notes but what DoragonHunter explain is true.

Government doesn't really care those foreign worker want to withdraw money when they left malaysia, the first step for everything is to catch this Chinamen companies which led to wage disparity
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Chinamen company are known being scrooge on wages and i am sure many here will attest to it bro. MNC are the higher paying


TSmewhoyou
post Oct 21 2024, 11:19 AM

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QUOTE(vhs @ Oct 21 2024, 07:44 AM)
Because they want to entice the foreigners to self contribute to EPF and stop sending money back home. tongue.gif
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By paying them more money to keep it for them? Can anyone help to give some info about CPF? How do they do it?
diffyhelman2
post Oct 21 2024, 11:24 AM

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QUOTE(mewhoyou @ Oct 21 2024, 11:19 AM)
By paying them more money to keep it for them? Can anyone help to give some info about CPF? How do they do it?
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Cpf in Singapore only pr have to pay into it. All other foreigners no pay cpf.
alanyuppie
post Oct 21 2024, 11:25 AM

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They suffered huge dent after allowing premature withdrawals from Malaysians .

obviously need to find ways to cover back by offering to foreigners.
Wedchar2912
post Oct 21 2024, 11:28 AM

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mayve gov saw so many foreign workers in malaysia... such a big source of deposits for EPF... fill up the pot...

i wonder if employers must also contribute? extra costs for firms.
Jasonist
post Oct 21 2024, 11:28 AM

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too much withdrawal from local rakyat, need more money so drag foreigner along
SUSBlackscreamerz
post Oct 21 2024, 11:30 AM

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Lets say an expat stays for 5 years (the usual full term) in Msia, the money will also stay here for 5 years for investment.

Good for country, but bad for company. Expat will just ask the company to top-up the salary.
wilson0416
post Oct 21 2024, 11:30 AM

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now gov targeting T20 & bosses
SUSBlackscreamerz
post Oct 21 2024, 11:32 AM

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Frankly, collecting from expat is a form of desperation if you ask me.

EPF function is for retirement. You expect the expat to retire meh? Doesnt make common sense to ask them to contribute.
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