RM10,000 in a EPF account will become RM32,071 in 20 years!
According to economic experts, RM10,000 deposited in a EPF account will increase in value to RM17,908 in 10 years, RM32,071 in 20 years and RM57,434 in 30 years. Economic experts are using 6% dividend payout rate to calculate.
With an average annual inflation rate of 2 to 4%, the interest paid out by the EPF Board is sufficient to cope with inflation, so there is no question that money in the EPF account will depreciate.
In addition, according to the KWSP (Employees’ Provident Fund Board), people can register and open a EPF account if they are at least 16 years old, and they are eligible to open an account even if they are not employed and are entitled to EPF interest payments.
There are four options for voluntary contributions to the EPF , namely Self Contribution, Top-up Saving, i-Saraan and Kasih Suri Keluarga.
The public can contribute up to RM60,000 per year to their own provident fund, and banks in the country already offer the facility to contribute to their own provident fund. People can also pay their own EPF through the i-AKaun APP.
Generally, if you pay your EPF through Internet Banking, the EPF transaction will be recorded after 3 days. People can check their deposit records through i-Akaun after 3 days of making their own EPF payments.
