Amount Eligible to withdraw = (Account 1 - Basic Savings) x 20%
The table below shows the Basic Savings at various ages:
Example 1: John has RM100,000 in account 1 and he is 30 year old now, calculate the 1st, 2nd and 3rd withdrawal amount assuming that John contributes RM3,000 to his account 1 every month.
1st withdraw = (100,000 - 18,000) x 20% = 82,000 x 20% = RM16,400
New Account 1 Balance after 1st withdraw = 100,000 - 16,400 = 83,600
Account 1 Balance after 3 months = 83,600 + (3 x 3,000) = 92,600
2nd withdraw = (92,600 - 18,000) x 20% = 82,000 x 20% = RM14,920
New Account 1 Balance after 2nd withdraw = 92,600 - 14,920 = 77,680
Account 1 Balance after 3 months = 77,680 + (3 x 3,000) = 86,680
2nd withdraw = (92,600 - 18,000) x 20% = 82,000 x 20% = RM14,920
New Account 1 Balance after 2nd withdraw = 92,600 - 14,920 = 77,680
Account 1 Balance after 3 months = 77,680 + (3 x 3,000) = 86,680
3rd withdraw = (86,680 - 18,000) x 20% = 68,680 x 20% = RM13,736
Investor can continue to withdraw from EPF account 1 as long as his account 1 balance is more than basic savings for his age.
Investor can continue to withdraw from EPF account 1 as long as his account 1 balance is more than basic savings for his age.
No comments:
Post a Comment