02 October 2016

[EPF-MIS] Revised Basic Savings Table and Calculation effective Jan 2017


Attention to all EPF members investment scheme (MIS) members, EPF has just announced that they will revised the basic savings threshold before a member can withdraw for investment purpose effective Jan 2017.



According to EPF, the basic savings refer to the amount that is considered sufficient to support members’ basic retirement needs for 20 years from age 55 to 75 aligned with the Malaysian life expectancy.


In view of the escalating cost of living, longer life expectancy and higher inflation rate, the EPF has made the decision to revise the basic savings upwards to RM228,000 from RM196,800.

Meaning LESSER amount can be withdrawn ?
Wait... There is another announcement too...

Effective Jan 1, 2017, the eligible amount members will be allowed to invest under the EPF-MIS has been increased to up to 30% in excess of their basic savings from Account 1, from the current 20%.

So, can we withdraw MORE or LESSER then?

Referring to examples below provided by licensed financial planner Alex Yeoh, it all depends on how much you're having in EPF account 1 actually. No straight-forward answer for this. Generally, the more you have in excess above the minimum basic savings set, the more you can withdraw for EPF-MIS.


2 comments:

  1. Hi, I am an STPM holder and would like to know how I can go for the 4 modules to become RFP/ CFP. What do I need to do? I have 20 years work experience but not in financial line. I hold certificates for insurance like TBE (Takaful basic Exam) and of recent PRS this year 2016. In the past, I passed the PCE and General Insurance exams. Please advise what is the best route to take to go into this Financial Planner Industry as career. Thank you. You may reply me here: ciaaratpaen@gmail.com

    ReplyDelete
    Replies
    1. If you think you can cope 4 modules in a year, the you need to work very hard. Go to KDMC if I'm not wrong to get the course cost & schedule.

      Delete

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