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EPF 8% Means Paying More Income Tax
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<blockquote data-quote="Crymson" data-source="post: 321634" data-attributes="member: 111"><p>I suppose it depends on individual. If you want to maintain 11% in EPF, just sign the form and give to your HR dept. You don't have to go all the way to EPF to submit, your HR will do it. Btw, EPF is not going to help fully in your retirement years but it's good to have as a start/defence. Why fuss about it, you didn't complain about it in 1998. If you really want to save more in EPF, then go and ask your HR to deduct 12 or 15% of your salary to contribute to your EPF. Stop talking about your 11%. </p><p></p><p>Out of 11.4 million EPF members only 4,700 members have more than RM1 million. The rest, on average, they have 114k for their retirement. EPF wants to make sure on average everyone have at least RM120k when they retirement. Thats RM500 per month for 20 years. I'm sure all of you here will have more than that (projection). But what about the lower income bracket?</p><p></p><p>Most of you here represent 15% of the whole population. 4% are the rich/ultra-rich. The rest, their household income are lesser than RM4k per month. These people would need that extra money to sustain in current high cost of living. Try asking your lower rank officer or clerical staff. So is it fair for you to complain? Just b'coz you drive a BMW, do you think these people can afford to own & maintain the car you drive? Extra spending in the local economy (domestic consumption) would help sustain the country's economy from falling. And it actually helps the lower income. Which do you want in current condition - no economic movement at-all or slower but moving economy. So with your complaints ... it actually boils down, did the government's economic stimulation help you or the lower income?</p><p></p><p>Those who can afford and have no financial affect in any economic situation .... by all means save and invest. And the lower income group, if possible they can budget to set aside for saving ... then they should do it.</p><p></p><p>Be thankful with what you have ... stop whining.</p><p></p><p>Thanks for reading.</p></blockquote><p></p>
[QUOTE="Crymson, post: 321634, member: 111"] I suppose it depends on individual. If you want to maintain 11% in EPF, just sign the form and give to your HR dept. You don't have to go all the way to EPF to submit, your HR will do it. Btw, EPF is not going to help fully in your retirement years but it's good to have as a start/defence. Why fuss about it, you didn't complain about it in 1998. If you really want to save more in EPF, then go and ask your HR to deduct 12 or 15% of your salary to contribute to your EPF. Stop talking about your 11%. Out of 11.4 million EPF members only 4,700 members have more than RM1 million. The rest, on average, they have 114k for their retirement. EPF wants to make sure on average everyone have at least RM120k when they retirement. Thats RM500 per month for 20 years. I'm sure all of you here will have more than that (projection). But what about the lower income bracket? Most of you here represent 15% of the whole population. 4% are the rich/ultra-rich. The rest, their household income are lesser than RM4k per month. These people would need that extra money to sustain in current high cost of living. Try asking your lower rank officer or clerical staff. So is it fair for you to complain? Just b'coz you drive a BMW, do you think these people can afford to own & maintain the car you drive? Extra spending in the local economy (domestic consumption) would help sustain the country's economy from falling. And it actually helps the lower income. Which do you want in current condition - no economic movement at-all or slower but moving economy. So with your complaints ... it actually boils down, did the government's economic stimulation help you or the lower income? Those who can afford and have no financial affect in any economic situation .... by all means save and invest. And the lower income group, if possible they can budget to set aside for saving ... then they should do it. Be thankful with what you have ... stop whining. Thanks for reading. [/QUOTE]
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