Share this page!

Enter URL or ID to Unroll

You can paste full URL like: https://x.com/threadreaderapp/status/1644127596119195649
or just the ID like: 1644127596119195649

How to get URL link on X (Twitter) App

  1. On the Twitter thread, click on or icon on the bottom
  2. Click again on or Share Via icon
  3. Click on Copy Link to Tweet
  4. Paste it above and click "Unroll Thread"!
  5. More info at Twitter Help
The Futurizts Profile picture
@TheFuturizts
May 9 • 11 tweets • 4 min read • Read on X
Scrolly
In two more days, EPF’s Account 3 will go live.

Everyone below the age of 55 will have their funds restructured.

There is no opting out.

Here are a few things you should know about.Image
1. Can I choose not to have any money credited to Account 3?

No.

Starting 11 May, 10% of your monthly contributions will be distributed to Akaun Fleksibel.

This is regardless of whether you choose to do so or not. Image
2. Will Account 3 start from zero?

It depends on what you choose.

From 12 May to 31 Aug, you will have a one-time option to transfer some savings from Acc 2 to Acc 3.

This action cannot be cancelled once completed.

The transferrable amount depends on the balance in Account 2.

If you choose not to transfer, then Acc 3 will start from zero.Image
3. Will Account 3’s dividend rate be lower?

No.

EPF has confirmed that the dividend will be the same across all accounts.
4. Are there any conditions to withdraw from Account 3?

No.

You can withdraw from this account any time, with the minimum amount at RM50.

No supporting documents are required.

Funds will arrive in your specified bank account within 7 business days. Image
5. Can I choose a specific account to voluntarily contribute?

Nope.

Voluntary contributions will be split into the 75/15/10 ratio.

Eg. You decide to add an extra RM1,000 to your EPF savings this year:

• RM750 ➡️ Account 1 (cannot be withdrawn until 55).

• RM150 ➡️ Account 2 (can be withdrawn for education, housing loan, etc.).

• RM100 ➡️ Account 3 (can be withdrawn anytime).
FYI, you can voluntarily contribute up to RM100,000 to EPF every year.

Contributions (up to a certain limit) are also tax deductible.

This is assuming LHDN extends this relief for YA2024.Image
6. Can I transfer my savings from Account 3 to Account 1 and 2?

Yes, but this is a one way transfer.

Once completed, the funds and cannot be reversed back into the original account.

There is no limit on the amount that can be transferred between accounts. Image
Refer to EPF's in-depth FAQs for more info:
kwsp.gov.my/account-restru…
How will Account 3 impact your retirement?

Along with financial experts Hann and Sani, we discuss what it really means for you.

Listen to the full discussion on Spotify:
open.spotify.com/episode/1fkOmR…
Image
Thanks for reading!

If you learned something, follow us @TheFuturizts to stay updated on all things finance.

Something else that may interest you:
thefuturizts.beehiiv.com/p/ringgit-weak

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with The Futurizts

The Futurizts Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @TheFuturizts

The Futurizts Profile picture
Apr 15
On Friday, Gold made a new all-time high of $2,430/ounce.

It is up 14.50% since the start of the year, outperforming the US stock market, which gained 8.48% within a similar timeframe.

Allow us to explain why this is happening.Image
1. Escalating Geopolitical Tensions.

Early this morning, a new wave of missiles flew towards Israel as conflict in the Middle East worsened.

During times of crisis, nations tend to ramp up money printing to finance the war effort.

This leads to a surge in inflation and depreciation of the country's currency.

Investors, in an effort to preserve their purchasing power, will turn towards safe havens (ie. Gold, Silver, and USD).

This is why gold is not the only asset that has surged since the start of this unfortunate conflict.Image
2. Dedollarization.

Central banks across the world, most notably China, have been heavily stockpiling gold.

At the end of March, China’s gold reserves hit 72.74 million ounces (worth $171.1 bil), representing a monthly increase of 160,000 ounces.

This is the 17th consecutive month for the central bank to increase its holding in the asset.

Apart from China, India has also been aggressively buying gold.

All this is part of the global effort to gradually reduce reliance on the US dollar.Image
Read 12 tweets
The Futurizts Profile picture
Mar 27
So you managed to save up RM1,000.

But you’re unsure on where you to grow your money.

Here are 8 options, from low to high risk.Image
1. Fixed Deposits

Risk: Low 🟢
Returns: 3.50-3.75% pa

PIDM insured: YES ✅
Shariah-compliant: YES (for Islamic banking) ✅

Where to start: Apply online through mobile app.

Check out the best FD rates:
thefuturizts.beehiiv.com/p/best-fixed-d…Image
2. ASB & ASM

Risk: Low 🟢
Returns: 4-6% pa for the past 5 years

PIDM insured: NO ❌
Shariah-compliant: YES ✅

Where to start: Download the myASNB app to begin investing online.

More about ASB and ASM:
thefuturizts.beehiiv.com/p/asb-asm-asnb…Image
Read 13 tweets
The Futurizts Profile picture
Mar 8
15 May 2024.

This is the deadline for you to file your tax reliefs for YA2023.

Claiming these incentives will help you lower your personal income and pay less in taxes.

Here’s a FULL breakdown of what you can claim.Image
G1. Individual relief: RM9,000

Just by completing the tax form, you’re automatically eligible for a tax deduction of RM9,000.

This relief has already been filled, so you don't need to do anything.Image
G2. Medical treatment for parents: RM8,000

If you paid for medical treatment, special needs, or carer expenses for your parents, you're eligible for this relief.

*Parents refer to biological parents or foster parents of an adopted child.Image
Read 25 tweets
The Futurizts Profile picture
Mar 5
Disagree.

i) Hotel prices are expected to go up by 20-30%.

The entire chain is based on services: cleaning, utilities, management, etc.

Sure, this will not heavily affect the tourism industry because our ringgit is weak.

But what about local travellers??

1/4Image
ii) Cars will be more expensive.

The hike affects almost all players in the automobile sector: vehicle services, car rental, cleaning, etc.

The CEO of Sime Darby said that it won’t have a major impact on the automotive industry.

“The theory is that car prices will go up by 2%,” he said.

But sir, a 2% increase on an RM45,000 Axia is an extra RM900, which is a lot for those who are on a tight budget.

2/4Image
iii) Entertainment & streaming services (Netflix, Disney+, etc.) will see a price increase.

The tax also affects imported online services such as software, video, and digital advertising, according to FMT.

Surely, many Malaysians are using one or more of these digital services.

3/4Image
Read 6 tweets
The Futurizts Profile picture
Feb 15
The ringgit plunged to RM4.7830 this morning.

Since the start of the year, the local note has declined by 4.01% and is now only 22 sen away from RM5.00.

Allow us to explain why this is happening.Image
1. The dollar is strengthening.

The DXY, a comparison of USD to a basket of currencies (euro, pound, etc.), gained 3.37% in the past 45 days.Image
2. A similar pattern is also observed for other currency pairs.

• USDJPY: +6.25%

• USDCNY: +1.35%

• USDTHB: +5.33%

This shifts more evidence that the weakening ringgit is mainly external and due to dollar strength.Image
Read 12 tweets
The Futurizts Profile picture
Feb 7
ASB Historic Returns (including bonuses):

2012: 8.90%
2013: 8.70%
2014: 8.50%
2015: 7.75%
2016: 7.25%
2017: 8.25%
2018: 7.00%
2019: 5.50%
2020: 4.25%
2021: 5.00%
2022: 5.10%
2023: 5.25%

There are several reasons for the steady decline in dividends.

Allow us to explain.Image
1. How does ASB generate returns?

i) You buy units in ASB.

ii) ASB invests your money in assets (mainly shares).

iii) These stocks earn profits and pay dividends to ASB.

iv) ASB deducts some of the profits for expenses and fees.

v) The leftover profits will be distributed to unitholders annually.Image
2. Now that you understand the basic flow of ASB’s payout, let’s have a look at ASB’s 2022 report.

Here are some observations:

• ASB is almost 80% invested in the equity market.

• The top 20 holdings account for 61.66% of the fund, and most of them are listed in Bursa Malaysia.

• Maybank is the single largest investment of ASB (21.32%).

• For every RM1,000 you have in ASB, roughly RM170 will go Maybank.Image
Image
Read 11 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us!

Send Email!

:(