{"id":2511,"date":"2008-11-07T09:33:37","date_gmt":"2008-11-07T01:33:37","guid":{"rendered":"http:\/\/poobalan.com\/blog\/others\/2008\/11\/07\/3-percent-epf-reduction-to-be-made-automatic\/"},"modified":"2008-11-07T09:38:09","modified_gmt":"2008-11-07T01:38:09","slug":"3-percent-epf-reduction-to-be-made-automatic","status":"publish","type":"post","link":"https:\/\/poobalan.com\/blog\/borninmalaysia\/2008\/11\/07\/3-percent-epf-reduction-to-be-made-automatic\/","title":{"rendered":"3 percent EPF  reduction to be made automatic!"},"content":{"rendered":"<p>I was surprised to read in both<a href=\"http:\/\/www.thestar.com.my\/news\/story.asp?file=\/2008\/11\/7\/nation\/2482669&amp;sec=nation\"> Star <\/a>and <a href=\"http:\/\/www.nst.com.my\/Current_News\/NST\/Friday\/National\/2395571\/Article\/index_html\">NST<\/a> today that the 3% reduction in EPF contribution will be done automatically &#8220;for the ease of members and to facilitate implementation measures&#8221;. That means it is not an opt-in choice as implied by Deputy PM Najib, but its an OPT-OUT choice. Your contribution is reduced (means you get back more money) UNLESS you inform EPF. How to inform? Fill in the form KWSP 17A (AHL) and give it back to your EMPLOYERS. The form can be obtained from all EPF branches or download them from their website at <a href=\"http:\/\/www.kwsp.gov.my\/\" target=\"_blank\">www.kwsp.gov.my<\/a> from Dec 1 onwards.<\/p>\n<p>The reduction will run until end of December 2010, meaning two years.<\/p>\n<p>Now, what would you do? Opt for the extra 3% cash in hand or choose not to reduce the contribution? Those who think cash in hand is better, can make use of the reduction and perhaps invest the money in other investment vehicles. Or you can use it to reduce yourloans. As long as the extra cash is not wasted on unwanted expenses. OR if you think that better to keep the money in EPF, then fill up the form and cancel your reduction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I was surprised to read in both Star and NST today that the 3% reduction in EPF contribution will be done automatically &#8220;for the ease of members and to facilitate implementation measures&#8221;. That means it is not an opt-in choice as implied by Deputy PM Najib, but its an OPT-OUT choice. Your contribution is reduced [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[115,84],"class_list":["post-2511","post","type-post","status-publish","format-standard","hentry","category-borninmalaysia","tag-economy","tag-funds"],"_links":{"self":[{"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/posts\/2511","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/comments?post=2511"}],"version-history":[{"count":0,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/posts\/2511\/revisions"}],"wp:attachment":[{"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/media?parent=2511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/categories?post=2511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/tags?post=2511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}