I got some money
By Notlilie
@prinzcy (32305)
Malaysia
February 2, 2021 9:03pm CST
Yesterday I thought I need to hold on until payday. Turn out I don't have to. Today I received money from my withdrawal from my pension money. It's enough for groceries.
Since it's here, I'll stock up the rest of the groceries. I don't want to go on the weekend when it's crowded, despite being at lockdown right now.
About the withdrawal from my pension money, the government allowed us to withdraw from our second account of pension money. We have two accounts of pension money. The first with 70% of the savings, the second with 30% of the savings. It's the second account that I withdraw. The maximum for a month is RM500. It will be deposited monthly until April 2021. Right now they're offering us to withdraw from our first account with the maximum of RM10K based on your total savings. Didn't apply for that one. I want to wait until I am 55. If I don't reach that age, then my nominee can have it.
Credit: paymentsjournal.com
13 people like this
15 responses
@prinzcy (32305)
• Malaysia
3 Feb 21
@May2k8 in Malaysia, before the pandemic, we're allowed to withdraw from second account but we need solid reasons to do that. However, since pandemic hit, lots of people lost their job and struggling. Even with stimulus, they still need more money. So the government provides this option for them. But it's only with the maximum of RM500 monthly. The withdrawal from first account was only introduced recently, but only with the maximum of RM10k max. However, the requirements to withdraw are very strict. They don't want to encourage you to withdraw from this account.
1 person likes this
@prinzcy (32305)
• Malaysia
3 Feb 21
Everyone has EPF account, unless you're foreign workers. The government has make it compulsory. If you're self employ, you can open one for yourself.
It is retirement savings. But current situation requires desperate measure. But that's also why they don't allow to withdraw a lot from the savings.
1 person likes this
@prinzcy (32305)
• Malaysia
3 Feb 21
Pension money is money being deducted from your salary each month. It's 11% of your salary. Employer also paid some of it. It's accumulated and can only be drawn when you reach 55 years old. It's a system by the government to ensure you have money by the time you retired. It's real name here is EPF or KWSP in Malay.
1 person likes this
@DaddyEvil (139987)
• United States
3 Feb 21
I'm glad you got some money today so didn't have to wait until the weekend to go shopping. We try to go shopping during the week to avoid crowded stores on the weekend, especially during the pandemic.
1 person likes this
@UriahAnne (701)
•
4 Feb 21
Nice you got it.Here we can only get our pension if I'm retired.
1 person likes this
@kaylachan (74126)
• Daytona Beach, Florida
3 Feb 21
As long as you have access to money and can get the things you need from it. That's all that matters, right?
1 person likes this
@ARIES1973 (11426)
• Legaspi, Philippines
3 Feb 21
That's great! This is almost similar to our leave credits. As a government employee, we are given 15 days vacation leave and 15 days sick leave every year. 5 of which must be used and it is called forced leave. The remaining can be saved until retirement day. But we can also opt to monetize.
1 person likes this
@prinzcy (32305)
• Malaysia
3 Feb 21
My company also gives us vacation leave but it depend on how many years you have work for the company. The less is 14 days. We don't get to carry forward the leaves. They'll pay us the next year. I think of 30% of the full amount. I don't know how much since I never carry forward my leave. I used them all all the time
@sunrisefan (28524)
• Philippines
3 Feb 21
So your retirement age in Malaysia is 55?
1 person likes this
@porwest (95308)
• United States
3 Feb 21
I think it is a terrible idea. It is forcing people to make poor decisions regarding their retirement. I guess if one REALLY needs the money it is a good fall back. BUT, it will hurt more in the end because all of that money will be worth much less when one finally decides to retire.
I think the solution to all of this is pretty simple. OPEN EVERYTHING BACK UP. We will take our chances. Poverty will kill more people than the pandemic ever will.
1 person likes this
