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Tuesday, November 13, 2018

EPF Increases Minimum Basic Savings to RM240,000 At Age 55 Effectively Starting 2019

The Employees Provident Fund (EPF) has announced that the basic savings at age 55 will be increased from RM228,000 to RM240,000 effective Jan 1, 2019. The increment will also be made across all ages accordingly, refer to the table below. 


EPF last revised the amount back in Jan 1, 2017 from RM196,800 to RM228,000 (read here). Given that Malaysian has not saved enough for retirement, EPF further increases the basic savings. 




What is Basic Savings?
The basic savings is a pre-determined amount set according to age in Account 1 to enable members achieve a minimum savings at different age, for example, when they reach age-55, they should have at least RM240,000 to retire. The amount in excess of the Basic Savings can also be invested in products offered by appointed Fund Management Institutions approved by the Ministry of Finance.


Why Do I Need That?
The rationale for the implementation of this basic savings is to ensure that members have sufficient savings when they retire in order to support their basic retirement needs for 20 years from age 55 to 75, in line with Malaysians' life expectancy. The new quantum is bench-marked against the minimum pension for public sector employees, which has been raised from RM950 to RM1000 per month from age 55 to 75. (I don't think RM1000 per month is enough either!)


How Does It Affects Me?
Well, it doesn't if you did not opt to withdraw for the Members Investment Scheme (MIS). But if you do, then the withdrawal amount for MIS will be reduced




Conclusion:
With the increment in Minimum Basic Saving, members can now withdraw lesser money, so that you have more money at retirement!


To find out more about it, feel free to contact #YourFinanceDoctor at henrytcx@gmail.com
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25 comments:

  1. Replies
    1. actually it is for employees before retirement.. because it affects the money they can withdrawn to invest. ;)

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  2. Is it 20% or 30%?

    ReplyDelete
  3. Apakah ini artinya bahwa ada target capaian tabungan minimum untuk semua jenjang usia?

    ReplyDelete
  4. it is a good plan to have a stable retirement money as people nowadays dont have a basic saving even for their emergency.

    ReplyDelete
  5. Agree this is a good plan for working employee, for me still long journey...still got 19th years more working before retire. I don't have any plan to use my money for investment, not now but maybe in future

    ReplyDelete
  6. Its good to know about this. Especially when you need to plan for the future. Its the best way for the investment too

    ReplyDelete
  7. Wow good info and sharing hehe because sebelum pencen dah ada simpanan yang banyak macam ni ok I will read carefully to understand because macam berminat...

    ReplyDelete
  8. dont have any of this now. huhu. but its a good info mana tahu esok dapat rezeki kerja full time kan. kinda loss but will keep u in my finance list guidance!

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  9. I hope this works. To me I still save for my own retirement diligently with hope don't have to work so hard at my golden year. Ya la...I no gomen no pension. Private sector anytime got fired. Scary to think about that. Hope they manage our EPF fund well

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  10. wah a good planning..so we can make more investment for our future planning retirement. i had some during my working years, now i just working at home. i think i need to start saving consistently.

    ReplyDelete
  11. Tak pernah bekerja so memang tak ada KWSP. Kadang-kadang jeles tengok orang ada KWSP ni..sekurang2nya ada tabungan untuk masa tua nanti. Saya terpaksa lah menabung sendiri

    ReplyDelete
  12. InsyaAllah jika ada simpanan maka hari tua akan lebih terjamin kan. Good initiative I would say so that we all could save some for the old days

    ReplyDelete
  13. Yup yup good news for citizen! As in nowadays everything need money, medical expenses, daily meals, transportation and basic grocery needs also in high cost. Really burden the family especially with young kids with school expenses and daycare tuition fees.

    ReplyDelete
  14. Starts counting my age ^^ lol ! I think this is good for citizen especially employee like me.

    ReplyDelete
  15. Thats a good info. Good news for citizen! Hahah suddenly starts counting my age hahah

    ReplyDelete
  16. Good info! Since i just started working, i’m quite excited where I checked my EPF every month πŸ˜‚ Well, just to ensure the company doesnt missed paying me. I’ve read about PRS also.

    ReplyDelete
  17. Beuuntung kepada yang masih bekerja dan ada pencen serta KWSP. Ruby dah tak bekerja tetap dan tiada caruman KWSP. Harap suami terus konsisten bekerja sampai pencen. Haha

    ReplyDelete
  18. Dulu i kerja ada la kwsp ni.. Tapi sekrg tak kerja.. I cuma terfikir macm mne duit i yang ada waktu kerja ni. .Kene rujuk dekat kwsp la ye. .This good info.. Memg ken planning utk hari mendatang

    ReplyDelete
  19. Masa bujang dulu pernah la 6tahun bekerja.
    Sekarang ni tak bekerja dah.
    So saving untuk hari tua tu ada lah sikit.
    Tak sure la berapa sekarang ni.

    ReplyDelete
  20. Good infos henry..
    As I actually work frok home now and technically now employed by my husband as his partner in his business. He's d one who put d money into my epf account. Need to check bout this. Thanks again

    ReplyDelete
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