New Schedule EPF Basic Savings in Account 1 effective January 2017
Below is the new schedule for EPF basic savings in Account 1 effective January 2017.
This means EPF members will now be required to have higher savings in their EPF account in order to be eligible to participate in the EPF Members Investment Scheme (EPF-MIS).
What is EPF-MIS?
EPF-MIS (Member Investment Scheme) is to provide members with an option to enhance their retirement savings through placing a portion of their EPF savings in Account 1 to be invested in unit trust funds or via private mandate managed by the appointed Fund Managers Institutions (FMI) under the EPF-MIS.
How Much Can I Invest from EPF Account 1?
Currently, members are allowed to withdraw not more than 20% of their total amount in excess of their Basic Savings in Account 1.
Effective 1 January 2017, the eligible amount members will be allowed to invest under the EPF-MIS will be increased from 20% to 30% in excess of their Basic Savings in Account 1.
|Current||Effective 1 Jan, 2017|
|Available Savings in Account 1||RM100,000.00|
(Available Savings - Basic Savings x % of excess)
(RM100,000 - RM46,000 x 20%)
(RM100,000 - RM50,000 x 30%)
With the new increased percentage of 30% despite the higher Basic Savings, the eligible withdrawal for investment is higher than previously allowed.
As shown in the example above, the total amount that can be withdrawn is about 39% more base on the new Basic Savings.
What are the Unit Trust Funds that I Can Invest?
For the EPF-approved funds, click here to view all of them. Prismawealth has selected a few specific funds which would be able to meet your needs for EPF investment. Do fill the below information for us to assist you in your selection of Unit Trust Funds.