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Monday, January 28, 2008

BASIC SAVINGS OF NEW AMENDMENTS ON EPF MEMBERS FUND INVESTMENT SCHEME

DEFINITION OF BASIC SAVINGS

Basic savings are the amount of savings in Account 1 which have been fixed by age to ensure that EPF members will have a saving of at least RM120,000 at age 55. EPF members can invest maximum of 20 percent of their savings in Account 1
(the excess amount of basic savings) in the financial products via the approved financial institutions by the Minister of Finance.

MINIMUM AMOUNT OF BASIC SAVINGS IN ACCOUNT 1

AGE (YEAR)

BASIC SAVINGS
(RM)

18

1,000

19

2,000

20

3,000

21

4,000

22

5,000

23

7,000

24

8,000

25

9,000

26

11,000

27

12,000

28

14,000

29

16,000

30

18,000

31

20,000

32

22,000

33

24,000

34

26,000

35

29,000

36

32,000

AGE (YEAR)


BASIC SAVINGS (RM)

37

34,000

38

37,000

39

41,000

40

44,000

41

48,000

42

51,000

43

55,000

44

59,000

45

64,000

46

68,000

47

73,000

48

78,000

49

84,000

50

90,000

51

96,000

52

102,000

53

109,000

54

116,000

55

120,000



















Reference:
Kumpulan Wang Simpanan Pekerja
January 2008
www.kwsp.gov.my


Wednesday, January 23, 2008

AMENDMENTS ON EPF MEMBERS INVESTMENT SCHEME

Effective from 1st February 2008, EPF has implemented some amendments to the EPF Member's Investment Scheme as follows:

1) Members can invest 20% of the amount in excess of the required Basic Savings in Account 1 subject to a minimum of RM1,000.

2) Members can make a withdrawal for investment once every 3 months.

3) All other terms and conditions under the EPF Members Investment Scheme remain unchanged.

**This amendment will be implemented starting from 29th January 2008 onwards.