The government is eyeing on our retirement fund?
Page 1 of 7 123 ... LastLast
Results 1 to 15 of 104

Thread: The government is eyeing on our retirement fund?

  1. #1
    Join Date
    Aug 2007
    Location
    USJ
    Posts
    1,268

    The government is eyeing on our retirement fund?


  2. #2
    Join Date
    Apr 2009
    Location
    Putra heights
    Posts
    3,676
    The gomen now has full of excuses.One thing those "expert economist" Don,t realise the retirees need the money to pay their loans,long desire holidays with their spouses,children Ed.some other investments,start some small business.Once I read from a paper a economist said we need at least RM2,000,000 to retire!WTF ! talk is cheap ,I wonder whether he had Rmb 200,000.#%^+***

  3. #3
    Join Date
    Sep 2000
    Location
    Subang Jaya
    Posts
    2,565
    Who can survive on rm 700 per month in KL when the inflation rate is so high these few years?

    http://www.themalaymailonline.com/ma...to-60-ceo-says

    Many people will suffer during retirement unless they come out setting up stalls selling nasi lemak , wan tan mee etc.

  4. #4
    Join Date
    Jan 2006
    Location
    Bolehland
    Posts
    10,615
    C'mon guys - have confidence.... the guy is an economics graduate from a premier university University of Nottingham lah.... moreover his brother manages the second biggest bank in the country and also chairs the country's biggest sovereign fund ie Khazanah.... and he has a young high-flying 32-year old lad from Penang as chief strategist in another sovereign fund who is a finance graduate from Wharton School at Pennsylvania University.... and 47% of YOU Malaysians who just voted for him only 34 months ago on 5th May 2013 cannot be wrong, eh?

    He has been happily giving you people BR1M hasn't he.... and you guys have ben happily receiving them too, haven't you? So, why complain now?

    Only today, MIC Youth chief Sivarraj paised him as the best Prime Minister ever....

  5. #5
    Join Date
    Feb 2008
    Location
    Subang Jaya
    Posts
    4,231
    The Candy Monster Strikes Again!

    YouTube Challenge - I Told My Kids I Ate All Their Halloween Candy - see kids reaction when they learn that mom/dad ate all their candy..."Quote: "after all, its the first time they ever 'earned anything'"



    and I suppose some will post asking me the significance of this video

  6. #6
    Join Date
    May 2004
    Location
    Wild2West
    Posts
    19,130
    The way I understand it is this.

    The new retirement age is now 60 instead of 55. And if you are still working at 55 to 60, you still have to contribute to EPF, right?

    So how can you withdraw your money at 55?

    Last time when I touched 60, I was able to withdraw my Superannuation.

  7. #7
    Join Date
    Mar 2006
    Location
    USJ
    Posts
    2,615
    J
    Quote Originally Posted by Naka View Post
    The way I understand it is this.

    The new retirement age is now 60 instead of 55. And if you are still working at 55 to 60, you still have to contribute to EPF, right?

    So how can you withdraw your money at 55?

    Last time when I touched 60, I was able to withdraw my Superannuation.
    As you know under the current rules you can empty your Account #2 when you reach 50 and Account #1 at 55.
    I guess the amendment would make it age 55 and 60 respectively. It means EPF will hang on to your money for five more years.

    It also mean more money from which the Government can borrow. It is always better to borrow in your own currency than foreign ones and subject to the uncertainties of exchange rates.

    It is not so bad. Try Googling Cyprus bail-in & Cyprus bank raids.
    " In the land of the blind the one-eyed-jack is king."

  8. #8
    Join Date
    Nov 2014
    Location
    Subang Jaya
    Posts
    989
    Quote Originally Posted by Naka View Post
    The way I understand it is this.

    The new retirement age is now 60 instead of 55. And if you are still working at 55 to 60, you still have to contribute to EPF, right? So how can you withdraw your money at 55?
    I concur with you. When you are still working and have not reached the retirement age, the retirement money should not be withdrawn in full.

    However, since this is an amendment from previous retirement age of 55 to the new retirement age of 60, option should be given to those who opt to retire at the age of 55. In other words, those who don't wish to work anymore after 55 years old should be entitled to withdraw all their money in EPF. Those who wish to continue working, their full withdrawal should only happen when they retire at the age of 60.

    Singapore has tougher withdrawal rules for retires to "prevent" people form finishing their retirement money too soon. Like it or not, when majority of people don't have enough money to retire, it is a social problem.

    http://www.theonlinecitizen.com/2014...st-compromise/


    Quote Originally Posted by Henry T View Post
    As you know under the current rules you can empty your Account #2 when you reach 50 and Account #1 at 55. I guess the amendment would make it age 55 and 60 respectively. It means EPF will hang on to your money for five more years.
    .
    You are right, they just want to hang on to contributors' money for another 5 years.

    Full withdrawal of Account 2 at age 50 sounds great but in actual fact the money in Account 2 is only 30% of the total account money. Another way to withdraw EPF money at age 50 is when you can maintain a minimum amount of money after withdrawal then you are allowed to withdraw anytime you like. Nevertheless, full withdrawal to empty the EPF account can only happen when one reaches the retirement age.

  9. #9
    Join Date
    Oct 2001
    Location
    Malaysia
    Posts
    4,021
    They have been trying for a few times already. Always they say that it is because the contributors use it up in a few years but why should they care or worry. It is not as if the gomen would step in to give them any money. me thinks by not allowing these people to withdraw for a few years it buys them time since it involves billions a year. A few years its more than tens of billions which they can use to save whatever disasters they have created.

  10. #10
    Join Date
    Dec 2003
    Location
    Puchong
    Posts
    2,602
    This BN govt is eyeing ANY money it can lay its hands on. Apparently the KWAP (the govt pension fund) has already "loaned" some money to 1MDB

  11. #11
    Join Date
    Apr 2001
    Location
    Somewhere around here
    Posts
    12,564
    Look! Factors listed below (generalizing as I see it)..then draw your own conclusion.

    1) Large percentage contributors weren't high earners and 3rd world salaries, ending up poor, thereon never enough to last a decade.
    2) Inflation and COL have hit us. 1980's and 2015 are 2 different era. Many contributed from those poor salaries and by 2015 when retire, even poorer due to COL. If trim trim trim lifestyle?..probably spartan rural lifestyle and eat extremely frugally. Most people desire to keep up to higher lifestyle..at least terrace home, medium cost apartment and decent belongings. Urban poor are increasing and salaries not rising rapidly.
    3)At least RM1.5 to 2million savings needed for decent, just comfortable urban lifestyle or keep going. Don't hope on offspring to support you when old. You're lucky if they place you at old folks home or you can live with them.
    4) I've come across many even now don't bother to save anything, enjoy enjoy all what's out there..makan2 here, makan2 there (not that its cheap), shopping here n there every weekend or holiday, outstation whenever feel like it, etc, etc..all spending unnecessarily.."need to basis" is quite a distant thought. Lastly, they would think EPF by 60 would be enough.
    I think most with insufficient savings don't realise anything yet. The future is very uncertain here.

  12. #12
    Join Date
    Oct 2001
    Location
    Malaysia
    Posts
    4,021
    At the rate they are going, they are running out of funds to milk and this is one way. In the name of thinking for the rakyat. Bunch of blood suckers

  13. #13
    Join Date
    Aug 2007
    Location
    USJ
    Posts
    1,268
    Is private sector retirement age 60? I knew when I signed my last employment letter, it started clearly that the retirement age was 55. Unless and until a new letter is issued to revise the retirement age, you are to retire at 55. My friend in GLC, asked to retire at 56 last year and is now on contract service.

    May be if EPF want to change to 60, should only apply to civil servants.

  14. #14
    Join Date
    Feb 2008
    Location
    Subang Jaya
    Posts
    4,231
    Quote Originally Posted by Henry T View Post

    It is not so bad. Try Googling Cyprus bail-in & Cyprus bank raids.
    Yep.....It ain't 'so bad' after all......The Cyprus tree is still standing, not to sure about the leaves .....Besides.....thats on the other side of the world,.....out here, they would 'never dream' of doing such.

    Here's another scary thing they are doing out West. fortunately we are in the East....and in the land of the blessed.



    'Bank Deposits No Longer Guaranteed By Austrian Government'
    "Bank deposits in Austria will no longer enjoy state protection and a state guarantee in the event of bank runs and a bank collapse......plan to ensure that the state is no longer responsible for insuring deposits"




    >>Read More Here<<

    ------------------------------------------------------------------------------------------------



    "Ohh, sad eyes
    Turn the other way
    I don't want to see you cry
    Sad eyes
    You knew there'd come a day
    When we would have to say goodbye"

  15. #15
    Join Date
    Nov 2014
    Location
    Subang Jaya
    Posts
    989
    Quote Originally Posted by Jennylim View Post
    Is private sector retirement age 60? I knew when I signed my last employment letter, it started clearly that the retirement age was 55. Unless and until a new letter is issued to revise the retirement age, you are to retire at 55. My friend in GLC, asked to retire at 56 last year and is now on contract service.

    May be if EPF want to change to 60, should only apply to civil servants.
    No such thing of different retirement age for public staff and private sector staff..

    Read page 7 of the Minimum Retirement Age Act 2012... http://www.mohr.gov.my/pdf/ACT_753_MRA2012.pdf

    For EPF full withdrawal, at present moment, it is still at age of 55 but employee can choose not to withdraw.

    The crux of the discussion here is your 1gomen wanted to change the full withdrawal to age 60. It is still a proposal, I am not worried..

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •