Can members contribute their own EPF when their employers are already making monthly EPF contributions?
Recently, the Employees Provident Fund Board (KWSP) has added a new feature of Self-contribution to the i-Akaun APP, which allows members to make their own contributions directly through i-Akaun.
Many wage earners have a question, that is, can wage earners pay additional EPF contributions when their employers are already helping them to pay EPF every month. The answer is yes, you can make additional self-contributions. Members are allowed to contribute up to RM60,000 per year.
KWSP encourages members to contribute more to the EPF for their retirement. If a member wants to save money in a EPF account to earn a good interest rate, he/she can contribute directly to the CPF through i-Akaun. Members can also enjoy Dividend benefits on their self-contributed EPF .
I believe there are many people who are worried about not being able to withdraw money from their EPF account when they need it in a hurry. In fact, members under the age of 55 can apply for withdrawal from their EPF second account when they need money to buy a house, pursue higher education or pay for medical expenses.
Members can directly access i-Akaun to find out how much they are allowed to withdraw under various withdrawal conditions, such as how much they can withdraw for buying a home, how much they can withdraw for paying medical bills, etc.
