The government will increase the self-contribution limit from the current maximum of RM60,000 per year to a maximum of RM100,000 per year.
According to the message from Deputy Finance Ahmad bin Haji Maslan, CPF Board members can contribute up to RM100,000 per year and this measure will be presented to the Parliament in the 2023 Budget.
For investors who like stability, it is a good choice to deposit their money in the CPF Board as they can receive a steady interest rate of 5% to 6% per year by depositing their money in the CPF account. The CPF Board will announce the dividend payout in late February to early March every year.
According to a report by Nanyang Siang Pau, economists, and financial advisors predict that KWSP will announce a lower dividend than last year’s 6.10%, which is expected to range from 5.00% to 5.50%, with the most optimistic dividend being 5.80%.
KWSP has been paying at least 5% every year since 2012 and will pay 5.20% in 2020 during the coronary epidemic, while 2022 is the post-epidemic period when the payout should not be too bad.
