EPF gleaming tower & my old age insurance

This gleaming tower is where the Employees Provident Fund office is located. So high and mighty. An insurance for my old age. Just to brief a bit (in case people do not know what EPF is) – all of us working people and our employers have to contribute a percentage of our salary to this pension fund so that when we are old and greying, we will at least have some egg nest stored to tide us over.

Well, I started working since 18 years old and by the time when I stopped working around 34 years old, I had ahem…. accumulated a six-figures egg nest. Back then, I used to get 8% interest which is rather good. Let’s not bitch about the percentage now ok?

Seriously, if I am not forced to contribute to this EPF, I will never, ever accumulate this amount. I had taken out a percentage twice to pay for the properties purchase when we first married. My dear hubby have taken his three times and also did so to pay for his mom’s medical fee.

(another reminder to wives – at all times, avoid using your EPF unless absolutely necessary. Right now, I will not allow my EPF to be drawn to clear our housing loan. No way, nah ah! Only my hubby has to draw his to clear all the loans. Me no so situpid….)

I went there this morning just to get my latest statement because cilaka, I am no longer contributing so they won’t send the statement to me annually. Only three years once. Tiu! Like it is very costly like that to mail a statement each year.

One woman whose birthday was on May 10 was in front of me at the enquiry desk. She is there to withdraw part of her EPF fund. I heard that she need a bank account in order for her cheque to clear.

So, I told my atm I need a bank account with my four sons as the joint-account holders when I get my handsome cheque in another 8 years ONLY. Hehehe. He said, we (me and him) got joint-account already what. I told him, “Don’t hope. What if you take the money and go buy yourself a new made-in-China wife? Only my sons get to joint-account with me.”

I collected a whole bunch of leaflets with me so now, I know everything about EPF. Whether you can take your money if you are leaving the country for good, what do to if you are dead, how much you can withdraw for education, illness and housing loan etc etc. Well, what I can say but EPF is still a good way to secure a cosy future for us. Don’t bitch about it too much because not everyone has the discipline to invest and store money themselves. Not everyone is literate enough to know what to do with their money. We do not want a generation of old folks with absolutely no money to tide them through their old age. Moreovever with so many scams and get-rich-quick schemes, majority is going to get conned.

Enuff already! I know the interest sucks. I know we are paying out higher interest in housing loan than what we receive from EPF. Heh, simple only what, withdraw, pay the loan and mah solve the problem lor. I know they invest badly yadda yadda yadda. But do you have a solution for the problem of ageing folks with no money?

16 Replies to “EPF gleaming tower & my old age insurance”

  1. thx gawd 4 epf, i tell ya nowadays 4 us poor white collar folks, it is very very difficult to grow money, so, epf is at least some backup plan incase we fumble in our careers. of course epf is not enough if you wanna live a life of a rich person but modest living is enough if it is six figures lor, no easy to be an adult lei. Cheers!

  2. neeshen – Unfortunately, we don’t get to choose leh, so kena be prepared.

    paupau – No need liao cos I got no more contributions coming in, only interests.

    JoeC – Yalor, if we don’t get force to save like that, we will never save.

    soleilina – Dulu-dulu, times were good and I used to get 16-18 months salary for every one year. Eksekutif Sexy-turkey. 🙂 Gaji lumayan but gotta give it up for full-time mom.

  3. ooo.. best nyer!!! that’s why now i geram la.. kije stengah mati, gaji ciput now! being a teacher/lecturer kenot kaya one! cheh!

  4. lilian, u r my god-send. i know i have some money in my epf from when i used to work in malaysia but not long time so it wasn’t much. i never find out what i can or cannot do wif my epf, do u know whether i can still get it?

  5. I also same same. Nice Fat EPF amount. Thank god for EPF! No Contributions just accum. interest for now. Just nice for me to live on if and when hub decides to run away with some young ciku. 😉

  6. Now that you reminded me, i havent checked mine in more than 10 years…. must have accumulated quite a fair bit of interest over the years, man.

  7. Do you have to pay income tax on the withdrawals???
    Here we also have a “reverse mortgage”–you can borrow on the equity of your home if you’re over 60 or 65 /( not sure) and you dont have to pay back the loan plus interest until you die or leave the house.

  8. I have never withdraw anything yet since I started contributing at 18 years old. Now I am thinking of withdrawing my wife EPF as she is transferred back to BKK for almost a year already but still thinking hard about it as the % is still quite ok……as I am not a good investor..I do not know how to invest so I prefer “slow and safe” investment type such as plain old FD and EPF..

  9. soohk – Yeah lor, it is better to leave there and watch the money grow cos the interest is quite substantial when the amount is larger. Take out to invest, afterwards wrong investment, the person who handles our money went on to by BMW and we naik beca (take trishaw).

    SA – Oh really? I didn’t know that. And yet, our people keep on bitching about it on and on.

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