PDA

View Full Version : EPF withdrawal may be amended >>



Henry T
16-07-2012, 06:35 PM
Partial withdrawal at 55 and full withdrawal at age 60. It's in the news.

I hope the people's worst fear does not come true. :eek:

zinglicious
16-07-2012, 06:46 PM
Where is the link? :confused:

Just as I thought - the lip andx flop 1Malaysia policy - First they announced there is no change, now they said otherwise. :mad:

Now my monies in the EPF (Extreme Public Fear) comes to my worst nightmares as I have to aged faster to have the withdrawal! :p

mykern
16-07-2012, 06:55 PM
All I want is a fixed sum of RMxxxx every month from 50!~
This RMxxxx should not be more than 1/3 ... so RMxxxx x 60 months = << 1/3 @ balance at 50 years of age ..
Boleh tak??

Henry T
16-07-2012, 07:38 PM
Zing, go to Malaysian Chronicle. It was announced by Dep Finance Minister Donald Lim.

Now the word is maybe. Who knows whether it will become confirmed. :p

patrick
16-07-2012, 07:58 PM
I feel very sorry for those who may have made plans for their childrens' education or other plans, especially those who are about to retire within these couple of years. Now because of this change, their childrens' education plan will still have to proceed ...BUT how the heck are they going to finance them IF they had planned to use their part or full withdrawal from their EPF? Now you tell them to wait another 5 years? Hey, education planning cannot be put on hold leh !! :eek:

Henry T
16-07-2012, 08:05 PM
If they do amend the EPF Act then it means they can hang onto (and use) your money for an additional five years and meanwhile they can continue to collect contributions for the same extension period.

Wow! manyak billion lah. Clever flers. :p

KH EE
16-07-2012, 08:06 PM
Here's the link = http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=36584:withdrawal-age-to-60-from-55-epf-act-may-be-amended&Itemid=2

Interestingly, the Human Resources Minister said "The feedback received by Human Resources Ministry showed that the people want the policy for full withdrawal of EPF saving at 55 years old retained."

But when did the gahmen ever heed what Joe Public wants? :mad:

joshlim
16-07-2012, 08:16 PM
Read the news which mentioned that there will be a transition period to allow for full withdrawal if the proposal to tie in with new retirement age is implemented. What is the transition period is not stated. But the point is that at 50 and 55 years, contributors shud have option for partial/full withdrawal to finance their kids education; reduce interest payments to banks by settling their loans; pursue alternative career like new businesses etc. If they don't need the money, just retain in EPF like it is now n earn paltry dividends in normal years. The income from the 5 working years will allow them to have more savings or improve their lifestyle. EPF can educate contributors on financial prudence but Don't ever assume that most of us don't know how to manage our own finance or know our own priorities. Are they better at it?

patrick
16-07-2012, 08:25 PM
............ But the point is that at 50 and 55 years, contributors shud have option for partial/full withdrawal to finance their kids education; reduce interest payments to banks by settling their loans; pursue alternative career like new businesses etc. If they don't need the money, just retain in EPF like it is now n earn paltry dividends in normal years. The income from the 5 working years will allow them to have more savings or improve their lifestyle. EPF can educate contributors on financial prudence but Don't ever assume that most of us don't know how to manage our own finance or know our own priorities. Are they better at it?

HEAR, HEAR!! Well spoken.

kuma
16-07-2012, 10:25 PM
Its simple maths meh!

Lets assume....

100,000 people across public and private sectors will 'retire' and be eligible to withdraw in 2013...
Out of these, lets put the average withdrawal at RM100,000...

So RM10B, will be needed to fund these withdrawals!

Since we don't have the actual stats....What if 200,000 people are eligible? :eek:

10 to 20 Billion to corf-out is the last thing the need in 2013....better to postpone it a couple years, when things ease up ;)

SiangMalam
17-07-2012, 01:14 AM
When we first discussed in the thread about extension of retirement age, I remember saying the end game is to retain your EPF for another 5 years and collect more during the 55-60 yeafs, jiu kiah jiu too teoh! Sadly, my prediction and my fears is gonna come true.... Summore call him Ah Jib Gor????

Go back to the hometown and vote and threaten the entire clan with a meat cleaver if they ever vote for Ah Jib Gor!!!

zinglicious
17-07-2012, 01:41 AM
Lim from FInance Ministry said during the transition period, contributors who have reached 55 years old can still make lump-sum or full withdrawal.

Subramaniam from Human Resource Ministry had earlier reportedly said for the time being there would not be any change to the policy for full withdrawal by contributors upon reaching 55 years old.He said the government wanted to amend the Employee Provident Fund Act 1991 to ensure that those who work until 60 can continue to contribute to the fund until retirement.

"The feedback received by Human Resources Ministry showed that the people want the policy for full withdrawal of EPF saving at 55 years old retained," he said.

Human Resources to Finance Ministry in flip flop music!!!

While there are some clueless people who do not know what to do with thier monies in EPF, they can still continue to keep it as long as they dont withdraw it. But the plans by some who wishes to withdraw it after years of planning from child education or medical care would be in jeopardy. SO why make the amendment?

I for one, dont trust the Gomen with my monies entrusted to them. WHile they are throwing the monies from BR1M to iMFU, they kenot even service the loans by the Tourism investment arm by the Ministry of Makan Angin http://www.usj.com.my/bulletin/upload/showthread.php?35132-MY-Tourism-Trouble-BANKRUPTCY-NOTICE!!!

Me - the monies to spend in on sexy waitress in my new restaurant is gonna to wait until those girls turning into old serving maids as I aint that old to make quick withdrawal .:p

fonzie
17-07-2012, 09:13 AM
Digress a bit...sorry...but I think have relevance...

Recently I went to EPF to check on my records. Yes my nomination record done since I started work and making EPF contributions, was not there anymore....

I asked the officer but he did not gave a definitive answer. I surmised that there was a change of database management software(?) sometime ago.. "old system" as given by the officer. Sekarang system canggih. I supposed during the changeover, past records of some EPF members' nominations data was lost....

Strangely though, wifey's nomination record was intact...

So, I think EPF members who are about to retire, it would be prudent to make a trip to EPF's offices and make enquiries on this.

Steps to make a nomination is available from EPF's website. Download the nomination form and the instructions are in it.

To mitigate problems:-

1. Your nominated person/s cannot sign on the nomination form in the presence of the EPF officer manning the counter. So make sure you bring along a person (you trust) whose name is not on the nominee list. eg nominate your children and bring your wife along to be the witness or vice versa..

2. Photostat your myKad (front and back).

3. Fill in the nomination form in black ballpoint pen ink.

4. Make sure you see the officer chop the nomination form and your myKad photostat copy and gave you a receipt.

5. Wait a few days later to receive an official letter from EPF informing your nomination is now in their database.

Hope this help....
Cheers!

cml
17-07-2012, 10:39 AM
The flers have finally done it. They are talking of a transition period of 3 to 5 years. It should not be . They should allow people to withdraw fully at 55. Period. They can still carry on working and contributing to epf till 60 but the flers wants us to beg for our money.

cml
17-07-2012, 10:41 AM
The reason why they will not allow people to withdraw is now very clear. It appears to be running out of money and they can forsee it coming with all the rescue missions that epf has to undertake.

zinglicious
17-07-2012, 01:13 PM
Nope, the way I see it, it is not a rescue mission. It is an excuse reason to enrich themselves by digging the piggy bank !!! :mad::mad::mad:

Just look at the recent EPF investments where they are making more questionable deals in over the seas. Nope, the investment made so far are to left hands of the big boys and none to the right hands of the contributing members of the EPF! :p

By right if they were to invest in Pakyat Skim i.e. micro loans in SME business to loans to encourage entrepenuership among the members, then it makes more rinngit and sense.

cml
17-07-2012, 01:27 PM
Its not just because I am directly affected by their stupid rulings. They are not also shifting the goal posts, they are changing the rules halfway. And the people most affected do not have a say!!

zinglicious
17-07-2012, 01:29 PM
Korek, in fact, the Rakyat and MTUC was not consulted in this implication or goal shifting as they like. From football to handball!! :mad:

Amazingly, this major announcement was not made by the FInance Minister himself! Why??? Why??? Tell me why???

http://thestar.com.my/news/story.asp?file=/2012/7/17/nation/11676473&sec=nation

cml
17-07-2012, 01:35 PM
If their efforts to enhance the value of the members holdings have been sincere and honest we would not be against anything that is supposedly good for us but all the sham deals and bailouts may leave us with nothing during our retirement,

cml
17-07-2012, 01:37 PM
I dread to think what our economy would turn out to be in another 6/7 years time with the current crop of 'flers' running the show. It sends shivers down my spine and its not of the pleasurable kind.

Henry T
17-07-2012, 01:49 PM
Just look at today's exchange rates here: http://www.maybank2u.com.my/mbb_info/m2u/public/forexExchangeRates.do?channelId=BTRE-Treasury&cntTypeId=0&cntKey=BTRE04.01&programId=BTRE04-Rates&chCatId=/mbb/Business/BTRE-Treasury , especially the AUD and SGD.

Makes you wonder what will be the eventual purchasing power of the RM. Money today is always better than money tomorrow. :)

cml
17-07-2012, 01:56 PM
They are not ashamed of themselves. The sing dollar is at the historical high against the ringgit. We are the country with the natural resources and they are the country which is debt free and we are half a trillion in debt.

Rhiga
17-07-2012, 02:02 PM
Well, you guys have forgotten the “race” factor..

Not because I like to add “race” into this discussion but I believe there is a strong role this factor is playing…

A simple question - Have you ever heard any of your Malay colleagues/friends need to withdraw their epf money for children education ?? :rolleyes:

Those bright ones would be awarded JPA overseas scholarship or any other scholarships specifically designed and catered for them, don’t even need to apply !!

Those 2nd tier ones would flood the local universities (you can check the ratio of them in local intake every year. This year is 73%). They would be given JPA scholarships or generous study "loan".. !!

Those really hopeless ones would go to the maktab-turn-universiti type of set-up like the Uitm, Uthis, Uthat…… For this category, they wiil be given full financial assistance.

So, which category of phatetic people who need to utilize their hard-earned, hard-saved retirement fund for their children education ??

Do you think they care that your precious investment on your children have to be delayed or abruptly disturb due to the amendment of the epf withdrawal age ??

Henry T
17-07-2012, 02:03 PM
Not bad, mah. We are a member of the trillion dollar club now. ;-)

cml
17-07-2012, 02:34 PM
It is not that we have forgotten. It is always at the back of our head. Not mentioned as the very mention would bring bananas

cml
17-07-2012, 02:36 PM
Actually most of us would actually need to use some part of the money for our kids education, more or less depends on how much we have and where they study.

SiangMalam
17-07-2012, 10:31 PM
Just look at today's exchange rates here: http://www.maybank2u.com.my/mbb_info/m2u/public/forexExchangeRates.do?channelId=BTRE-Treasury&cntTypeId=0&cntKey=BTRE04.01&programId=BTRE04-Rates&chCatId=/mbb/Business/BTRE-Treasury , especially the AUD and SGD.

Makes you wonder what will be the eventual purchasing power of the RM. Money today is always better than money tomorrow. :)

With the new currency notes in the market from Bank Negara Malaysia including the Reissuance of the RM20 notes, we might as well change the name from Ringgit to Shringgit since the value of the ringgit keep shrinking!

SiangMalam
17-07-2012, 10:40 PM
Wonder why my BANANA since 28 December 2009 is being reimposed on me?! Want to ban, just ban lah....no need to do like Attorney General or MACC like that....

cskok8
17-07-2012, 10:58 PM
Actually you can still withdraw money anytime to pay for your children's education. They will issue a bank draft in the name of the university for you to pay the fees.

Henry T
17-07-2012, 11:03 PM
Sure, and withdrawals for mortgage payments would continue, but the beef here is having to wait a further 5 years for partial and full withdrawal, if the amendments are made. :)

zinglicious
18-07-2012, 07:39 AM
They are not ashamed of themselves. The sing dollar is at the historical high against the ringgit. We are the country with the natural resources and they are the country which is debt free and we are half a trillion in debt.

Ah Jib Gor replied to your question in the Star today after reading your comment . - We have prospered after 55 years - :D http://thestar.com.my/news/story.asp?file=/2012/7/18/nation/11682729&sec=nation

cml
18-07-2012, 10:12 AM
I feel so prosperous when the value of my money is so high as compared with them. We have actually been frugal. We only pay 500 million as technical consultancy instead of one billion as requested by someone to buy unsinkable submarines.

cml
18-07-2012, 10:14 AM
My friend your banana so long wan! From 2009 still can use meh?

Rhiga
18-07-2012, 10:24 AM
Wonder why my BANANA since 28 December 2009 is being reimposed on me?! Want to ban, just ban lah....no need to do like Attorney General or MACC like that....

Chang must have a sentimental memory of the banana dated 28 Sep 2009 !! :laugh:

VeeJay
18-07-2012, 11:20 PM
For now, withdrawal remains at 55.

Henry T
18-07-2012, 11:28 PM
For now, withdrawal remains at 55.

Yup, that's what I read. Probably not a good idea with the GE coming soon. ;-)

cml
19-07-2012, 09:38 AM
Nope they are only considering having a grace period. After the elections you can say goodbye to their maybe. It will be confirmed that for your own good you can only take it when you are sixty and when you reach 60 they will tell you that you should not take it out because you need it to be paid as pension monthly because you are too stupid to manage your own money. You have got all those so called columnists in the msm writing rubbish as to why keeping the money till 60 is such a beautiful idea.

Henry T
19-07-2012, 10:38 AM
In a race between time and inflation, inflation always win. As an example, the price of the VW Polo GTi just increase to 170k from 135k, an increase of 35k. Unbelievable.

So, go out and spend your money and spend it fast. :heheheh:

zinglicious
19-07-2012, 10:45 AM
In a race between time and inflation, inflation always win. As an example, the price of the VW Polo GTi just increase to 170k from 135k, an increase of 35k. Unbelievable.

So, go out and spend your money and spend it fast. :heheheh:

But Ah Jib Gor just launched private pension Skim for you, so dun spend all your monies!!! - http://thestar.com.my/news/story.asp?file=/2012/7/19/nation/11691261&sec=nation

BTW, Have anyone heard of private pencen fund? :confused:

cml
19-07-2012, 10:49 AM
The extra 35k is because of government duties. They have 'adjusted' the classification from the earlier batches just like they did the passat cc last time. To make it more price friendly they had to bring in the 1.8 engine, same as the passat even though they dont call it passat now but rather the cc. With a stroke of a pen they can increase the price by 35k overnight. thanks to the 1malaysia gomen. Our duties stinks. The scirocco which sells for about the same price as a golf overseas, sells for about 30k more because it has two doors. Two door cars attract a different duty structure in bolehland.

joshlim
19-07-2012, 11:55 AM
Thanks to this very honorable YB, we now know the Government original decision to amend it to 60 years. The reprieve is merely due to GE. Don't tell me, he doesn't know what he was talking about. What's next after GE? It is all up to us. Don't regret after making your vote. U have no right to flip flop like them.

Henry T
19-07-2012, 03:20 PM
BTW, Have anyone heard of private pencen fund? :confused:

It's just a private version of EPF, but why don't they just privatize EPF? :heheheh:

cml
19-07-2012, 04:51 PM
Nobody would want to contribute to it voluntarily unless the companies are forced to contribute. I would not mind contributing if they are able to force my employers to match ringgit for ringgit. Otherwise all talkok sing song only.

kuma
23-07-2012, 05:15 PM
This a good one! :heheheh:

HR Minister:'Retirement age not raised so gov't could hog EPF'

Quote:
"Human Resources Minister Dr S Subramaniam today dismissed claims that the government is pushing up the minimum retirement age from 55 to 60 so that employees’ savings in the Employees Provident Fund (EPF) can be held longer."

“Rest assured it is not going up to 60 years to keep money in EPF to support (the government),” Subramaniam said.
“People will find everything to say (against the government).” :heheheh:

Read More at M'Kini (http://www.malaysiakini.com/news/204406)

Not a M'Kini Subscriber? Then you can read a curated version at Yahoo [link below]....Why I said that this was a "good one :laugh:"....see Yahoo link below....Yahoo felt this newsworthy to file and categorise it under Yahoo Entertainment :D
http://my.entertainment.yahoo.com/news/retirement-age-not-raised-govt-could-hog-epf-083047925.html

zinglicious
23-07-2012, 05:32 PM
Why isnt the Finance Minsiter coming up with the statement as it is under Kementrian Kewangan. The Subramainiam is not the superman who can fly from Kementrian Sumber Pekerja to make kewangan issue. :p

I am not assssured until my Durian EPF monies of fund jatuh into my own right hand as the music would turn into music hip hop rancak with Boleh fFip dan Flop :rolleyes:

Henry T
23-07-2012, 06:45 PM
What Superamaniam says has no currency. Tak boleh pakai.

wong ye lien
23-07-2012, 06:49 PM
Nope, you r wrong. The EPF reception desk put a display on "EPF withdrawal still stands at 55" today!

mykern
23-07-2012, 06:50 PM
Once they officially implement the retirement age to 60 ... even getting loans, of any type, would be lengthened to mature at 60 years ..... so, it is better that the withdrawals be raised to 60 as well .... bcos people would then use the forced savings to settle the remaining outstanding balance.
More debt in the long run!~
As for me .... people will be delinquent no matter what age .....
Working till 60 is for the indebted!~

cml
24-07-2012, 12:20 PM
Yup his words dont hold no water. He's not there because of his abilities but because he so called represent mic. An organisation that is out of touch with the rakyat just like the mca and their master