As the title... what's your opinion

Singapore collects it from foreign workers too.

lock their wealth in malaysia. /heh/

when they leave just cabut keluar. simple jer.

siapa suruh so many ppl withdraw. now need to cover lubang

Must gip good life to palestinians too right??

Yes. Pmx kan bapa palestine. This is Malaysia wey. Sappork hamas. Deal with it okay?

Give the foreigner the EPF dividend 0.5% per year

Wise decision 💯💯

Good what!

More money for gomen.

If these people kept sending money back, now is time to keep some here. If they retire and no longer wants to work, then can withdraw and balik for good.

If suddenly croak and no takers, gomen untung lor.

i think for expat these are less of their concerns but the mid level expat they want to enroll their childrens to public school and public hospital too.

at the same time if they also entitled for EPF, means cost of employment for them getting higher now as employer have to bear for their portion too?

only for PR

not EP and below

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

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.

Here got many chinaman companies owner, that's why all comment is negative.

can use the money for investment instead of 100% RM outflow

Type M boleh pilih masuk zakat or kwsp kan?

Ada masuk ke tak, itu lain cerita.

Wise move

haaa jgn tanya

good la, for foreign spouses who are working.

yes

The biggest winner for the new min. wage is EPF.

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.

bangala also pay epf?

Overtime is not subject to epf contribution.

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.

Sure so easy can withdraw or not ? Go back can take out

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

dont be bodo for once, can or not ? you think only foreign workers meh ?

what about foreign spouse or those expat ?

What so stupid? At least madani get to hold your money first go invest or something

Because they want to entice the foreigners to self contribute to EPF and stop sending money back home.

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.

Chinamen company are known being scrooge on wages and i am sure many here will attest to it bro. MNC are the higher paying

By paying them more money to keep it for them? Can anyone help to give some info about CPF? How do they do it?

Cpf in Singapore only pr have to pay into it. All other foreigners no pay cpf.

They suffered huge dent after allowing premature withdrawals from Malaysians .

obviously need to find ways to cover back by offering to foreigners.

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.

too much withdrawal from local rakyat, need more money so drag foreigner along

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.

now gov targeting T20 & bosses

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.

kompeni hiring foreign worker need to contribute epf too?

maybe gov can check tax also?

just ask my payroll on this, no news yet.

but if looking at how smart the gov, i think it should have to pay too.

they will amend the EPF schedule to cover expat salaried here.

Yes. I believe if the foreign workers are under the hiring agency, they will pay the EPF based on their salaries. Meaning to say, hiring workers will more expensive from next year.

So i guess you manage to beat EPF returns over the years based on what u say? Really? Good luck to you

ignorance is a bliss~
aHAHAHAHAHAH can pilih masuk zakat or kwsp
u think zakat is like tabung is it?

What you expect from pyramid scheme?

salah
what ever come out in the payslip in taxable and epf tolak also
what ever fall under claim paid outside the payslip is not

Where did you learn overtime is subject to EPF deduction?

so it's a form of witholding tax for foreigners.

Why not?

how EPF works

regular dude has 10k in bank, bank gives them 1% interest

bank sez. get me 100k, i give u 5% interest

dude be like OKEH i ask my friends kongsi kongsi

so now dude has 100k and now enjoy 5% interest, the interest split nicely between friends.

so dudes like eh. can go higher arh?

banks like ok gimme 1 mil i give you 8% interest.

so pakat pakat and get more ppl.

our EPF works similarly. all that EPF money we give out, is "invested" with "good interest".

if foreigners put their money in it's actually GOOD for us as we can get a better interest rate.

also, reminder. a lot of malaysians actually withdraw their EPF. a huge number of malaysians barely have EPF thats meaningful.

if malaysians are actually hurting our interest rates, i actually will welcome angmohs to help fill in the gaps.

only recently....

20-30 years ago all workers had to contribute CPF...

Tun M quarreled with Singapore because billions of Malaysian money trapped inside CPF Singapore... only sabah sarawak people can withdraw from CPF once they left singapore then.

Angmoh can channel most of their salary payout to Singkapoh where there is no need to contribute CPF and lower tier of income tax.

Contribute to EPF = Contribution to Nation. Thats all for me
Nothing to do with my life.

I never plan my life and future around EPF.

EPF would have

Bangga 1, bangga 2, bangga 3 account

not correct, 20 years ago, before I got PR i worked there, no CPF. after get PR then only start pay into CPF. the recent rule change is that they allow ALL PR to withdraw their CPF once they leave the country. including west malaysia.

before 1995, certain categories of EP holders (basically those earning professional salary level) need (but obviously this wont cover lowest manual labor bangla and maid).

https://leongmunwai.sg/cpf-amendment-bill/#...reign%20workers.



later once you reach 55 or 60, they change the rule and don't allow whole sum withdrawal, only allow monthly withdrawal like SG, I am sure you will be one of those that KPKB here open thread.

This post has been edited by diffyhelman2: Oct 21 2024, 12:31 PM

Everybody so that people who remains in the country cannot withdraw until they decided to leave the country… the same principles apply to all foreigners working in Singapore

there is no loss to malaysia, no subsidy paid to them, so why not

Part of the Citizenship Naturalisation Programme..

Foreigners in SG no pay into CPF, only PR and citizen.

That said, even SG people voiced concern that employers would favor hiring foreigners since they dont need to pay to CPF (and thus cheaper). likely one of the reasons madani imposed this EPF rule for foreigners. after all how many time you hear grumblings here that employers hire bangla cuz cheaper than local?



This post has been edited by diffyhelman2: Oct 21 2024, 12:38 PM

Hopefully yes together with minimum wage hike ppl get weaned off the cheap foreign labour drug. But even at 1.5K and the numerous hassles and levies etc, some factories still turn to foreigners in droves.

ayam most curious the effect they have on those coffeeshop and resto bangla and myanmar. unless the EPF contribution rate is lower than local rate, employers now have to factor in a minimum extra 12% extra into the gross pay, unless they can convince the workers that ("even though your take home pay is lower, but the money is still yours to withdraw once you leave").

to reduce the outflow of money :X

to encourage hire legal worker :X

Coffee shop I feel using lots of illegals ler haha

But they might be getting more than minimum also. I remember post mco there was a shortage of workers so won't be surprised if some offered more to pinch staff

Ayam no objection.

Ayam not bangala

No point tok on the hopeless bunch

yea but even if they are getting more than minimum, with mandatory EPF, their celery now faces a large withholding of their gross pay . and since many of the resto are licensed and openly using many foreigners, doubt all of them are illegal.

Englan also hold some of mine

Duno, please elaborate 🙏🏻

Is it like donation for a specific purpose kind of stuff.
- All kind of project also need funds to operate, if not mana ada manpower?

Lock their money in malaysia, prevent outflow, increase stock investment for bursa, local listed company got more investment money, earn handsome money for EPF contributor, prevent illegal worker.

EPF should only give about or less than bank interest to this group of worker.

This post has been edited by kelvinfixx: Oct 21 2024, 01:37 PM

Retirement for Malaysian, Tax on Foreigner.

Commit crime cannot take money, cannot just cabut.

it cannot be tax, cause the likelihood of returning the epf contribution after they leave the country is very high.



Cause non-citizens last time must request to contribute. the only different now is compulsory.

This post has been edited by Blackscreamerz: Oct 21 2024, 01:47 PM

Something like a retaining tax

kesian double taxation nanti

epf = force contribution
zakat = self contribute

all must deduct for epf
where got can select epf or zakat?

epf is forced retirement savings that are mandatory
zakat is just another form of taxes but its usage are limited, muslim must pay,else berdosa

Malaysian working in Singapore also had to wait until 55 years old even they already stop working there and working in malaysia..

Government wanna lock the money in the country instead of flowing out, more EPF contribution = more loan given to government

Had* but since last year no more. And it was only West malaysia becoz the excuse they give is that west Malaysia can very easily return to sg to work again.
Why not see it from the angle that it is equalizing the pay conditions for locals and foreigners. So foreign workers no longer cheaper to hire simply because no need pay epf in their celery.

This post has been edited by diffyhelman2: Oct 21 2024, 02:17 PM

This is the point of it. If one is going to attract foreigners into the country, might as well try the best to take those that is actually better than locals in terms of skillset and desirability.

What drugs? Increase product price by 25% (which end up making even more profit), settled. If people ask just say wage increase by 25% so increase price to offset the cost.

unless you have 1mil and above.

i'm only pretty sure next year food price hike 20%

在小小的花园里面挖呀挖呀挖

referring to T20 and business owners.

lol. Macam yes juga. Employer have to pay company portion too?

Self contribute to zakat & force contribute to EPF?
- Cannot opt-out EPF ke?

Really sad how most Malaysians like TS don't even realize that it's not EPF that's giving the members money, it's from the investment. The larger the investment pool, typically the more % returns you get. We don't rugi anything when foreigners have money in EPF.
I guess that's why most are stuck as b80s.

You guys think kedai runcit Aceh or bangla turn boss will pay EPF ?

you also have to understand with the amount of money generate certain profit as dividend. Having more investment does not guarantee higher return rate but more to share if higher profit with less money.

Can you firm that the more money in the portfolio will generate higher return?

In general, that is the pattern. And 'needing to share' is a damn stupid term. You really should try to understand abit of finance before complaining here and making yourself look stupid.