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Members Investment Scheme Eligibility 

Effective 1 January 2017, The new quantum for the Basic Savings for Members Investment Scheme has been implemented starting 1 January 2017. The revised Basic Savings sets RM228,000 as the minimum amount members should have in their EPF account when they reach age 55.

Definition of Basic Savings

Basic Savings is a pre-determined amount set according to age in Account 1 to enable members achieve a minimum savings of RM228,000 when they reach age 55. The amount in excess of the Basic Savings can be invested in products offered by appointed Fund Management Institutions.

 

Rationale

The rationale for the implementation of the Basic Savings is to ensure that members have sufficient savings at a minimum amount of RM950 per month 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. 

 

Terms of Withdrawal

  • Effective 1 January, members can transfer not more than 30% from the savings in excess of the Basic Saving amount in Account 1.
  • Investments can be made at a three-month interval from the date of the last transfer and the minimum amount for Members Investment Scheme is RM1,000.00.
  • The terms and conditions for Members Investment Scheme remain with no changes. 
  • The Basic Savings Table and methods for calculating the allowed amount for withdrawal under the Members Investment Scheme are as below :
 

Required Basic Savings in Account 1

Age
(Years)

Basic Savings
(RM)

Age (Years)

Basic Savings  (RM)

18

1,000

37

60,000

19

3,000

38

66,000

20

5,000

39

72,000

21

6,000

40

78,000

22

8,000

41

85,000

23

10,000

42

92,000

24

12,000

43

100,000

25

14,000

44

108,000

26

17,000

45

116,000

27

20,000

46

125,000

28

23,000

47

134,000

29

26,000

48

144,000

30

29,000

49

154,000

31

33,000

50

165,000

32

37,000

51

176,000

33

41,000

52

188,000

34

45,000

53

201,000

35

50,000

54

214,000

36

55,000

55

228,000

 

Calculation Methods for Allowable Investment Amount

Member

Age

Saving in Account 1     (RM)

New Basic Savings
(RM)

Calculation for Investment (30%)

Eligibility

A

22

4,000.00

8,000.00

-

Member is not eligible. Savings in Account 1 is less than the new Basic Savings 

B

22

9,000.00

8,000.00

RM9,000.00 – RM8,000.00 x
     30% = RM300.00
 

Member is not eligible. Minimum eligible amount is  RM1,000.00

C

25

20,000.00

14,000.00

RM20,000.00 – RM14,000.00 x
30% = RM1,800
 

Member is eligible.  Minimum eligible amount is RM1,000.00 and the maximum amount is RM1,800.00

 
 
Enquiries
 
If you require any additional information on Members Investment Scheme, kindly contact:-
  • Any EPF branches nearest to you
  • The EPF Contact Management Centre (CMC) at: 03-8922 6000
  • Customer Feedback at http://enquiry.kwsp.gov.my
Please quote your EPF number or your Identification Card number and the type of withdrawal that you have applied for when you contact the EPF. Members can also visit the EPF website at www.kwsp.gov.my for more information on the types of withdrawal and general guidelines.
 
Tarikh Kemaskini: 26 January 2017
 
Tarikh Semakan: 26 January 2017