EPF after retirement

[tupai]

1. its alredy there to make periodical withdrawals after 55. U can actually determine the amount u want.
2. After 50, i can also make the 1/3 withdrawal and also to settle more of outstanding housing/medic loan

(do call or make email inquiry wit epf...theyr v efficient leh)

3. Bolehland office favors the employees...demotion, lateral transfer, sacking can still be done if proper steps are taken accoding to the given laws (we have actually experienced the labor officer reprimanding the sacked & stupid & lazy staff for wasting everybody time

4. Being Transferred/kicked outstation is the & proper tactic used esp. on senior managers. A case in point, this jap co in s.alam closed down the HQ in S.Alam and moved every1 to outta Prai factory. More than 50% of the senior mgrs resigned (some aledy coolied some 15yrs of service.) Those who chose not to resign went up there and shared a house living like soppy, miserable bachelors pining for loved ones in klang valley. Last i heard only like 2 or 3 managers left up there...

5. Unionised staff is a diff issue...but it is by no means an impregnable wall. There are ways and I charge only 5% of total cost to solve this kacang putih issue...

6. I am 100% in favor of minimum wage of Rm1200 Then everything will go up and most bizzmen will be working harder & making more hay while the $un i$ $hining leh

7. I am still in total disagreement with extending gomen servants to >55yrs. U & I and every Ah Kow, Ahmad, Amachi & granndmas know the reason.

Yang Amat Bertuah TIU xlatotupai

[bslee]

7. I am still in total disagreement with extending gomen servants to >55yrs. U & I and every Ah Kow, Ahmad, Amachi & granndmas know the reason.

IIRC, way back in the 60's retirement for male civil servant was at 60. Of course the situation is different now with much higher number in civil service.
I think its a very very difficult solution to make, whichever way is not going to please everyone.

[mykern]

Golden retriever is the best pal for wheelchair-bound folks and blind people..

I don’t need to elaborate more of how helpful these intelligent animals in everyday life of people who depend on them..

No nid to .... I agree on this point.

[mykern]

1. its alredy there to make periodical withdrawals after 55. U can actually determine the amount u want.
2. After 50, i can also make the 1/3 withdrawal and also to settle more of outstanding housing/medic loan
Yang Amat Bertuah TIU xlatotupai

Lu pikir wa ta tau kah? I want the option of a periodic withdrawal, rather than the compulsory 1/3rd .... paham tak???
Khap!~

[Rhiga]

Nobody can stop anybody to withdraw money from epf…

You can withdraw all the money you want (sort of), anytime you want, and as many times as you want provided you meet the criteria…

Just pay a visit to epf office or call them, you will know where you are...


Ps. But why withdraw (at this moment)… which commercial bank can match the dividend from epf ??

[kwchang]

...I want the option of a periodic withdrawal, rather than the compulsory 1/3rd ....

I do not know if EPF will have the computer setup to send you periodic deductions from your account. But i believe you can make small withdrawals at any time. i know of someone who went to the EPF head office to enquire about withdrawal of the EPF deposit since that person had passed 55 years old. The counter clerk asked how much did that person want to withdraw... there was no1/3 clause or anything like that, they gave this person the freedom to decide how much. This means the rest of the money still earns interest in the EPF account.

So I suppose if you want to make periodic withdrawals, just go to their office periodically, and say how much you want ...of course, it could take a few days before it gets deposited in your bank account.... but EPF is pretty fast about it.

[kuma]

I do not know if EPF will have the computer setup to send you periodic deductions from your account. But i believe you can make small withdrawals at any time. i know of someone who went to the EPF head office to enquire about withdrawal of the EPF deposit since that person had passed 55 years old. The counter clerk asked how much did that person want to withdraw... there was no1/3 clause or anything like that, they gave this person the freedom to decide how much. This means the rest of the money still earns interest in the EPF account.

So I suppose if you want to make periodic withdrawals, just go to their office periodically, and say how much you want ...of course, it could take a few days before it gets deposited in your bank account.... but EPF is pretty fast about it.

If I'm not mistaken....when you reach 55 and request withdrawal from EPF, now they give you 3 choices:

1. withdraw the whole in lump sum....in your Bank 3 working days after summit request [1 day if RHB]
2. choose how much you want to withdraw [ this feature was added recently]
3. request for a sum to be deposited in your account monthly....if not mistaken, this only av for those with large amounts [can't remember how much]

Go to the Sham Alam branch...fast and friendly and easy parking.

[mykern]

I do not know if EPF will have the computer setup to send you periodic deductions from your account. But i believe you can make small withdrawals at any time. i know of someone who went to the EPF head office to enquire about withdrawal of the EPF deposit since that person had passed 55 years old. The counter clerk asked how much did that person want to withdraw... there was no1/3 clause or anything like that, they gave this person the freedom to decide how much. This means the rest of the money still earns interest in the EPF account.

So I suppose if you want to make periodic withdrawals, just go to their office periodically, and say how much you want ...of course, it could take a few days before it gets deposited in your bank account.... but EPF is pretty fast about it.

You all still don't get it!~
Their policy is a compulsory 1/3 when you are 50 .... but flexible when 55 .... my Q is .. why can't they be flexible at 50 also??
I wouldn't mind the flexibility is limited to the 1/3 ........
Hope you get me this time!~
As for the computer setup, what man programs, it can be reprogramed!~ Comprender amigos??

[Rhiga]

You all still don't get it!~
Their policy is a compulsory 1/3 when you are 50 .... but flexible when 55 .... my Q is .. why can't they be flexible at 50 also??
I wouldn't mind the flexibility is limited to the 1/3 ........
Hope you get me this time!~

Because it is not yet “your money” at 50..

When retire at 55, the money is entirely yours. It is your choice of how the money should be withdrawn…

As I mentioned in posts #20, there are people who can withdraw any amount and anytime regardless of age !

Just check with them, maybe you are eligible !!


Ps. I was told once the Act for retirement age at 60 is gazetted, existng employee has 2 options:
1. continue at present retirement age of 55, and all epf money is yours at 55.
2. opt for 60 years to retire.. epf money is still not yours at 55

New employee follows the new retirement age of 60.