For those who are currently working, you may want to see this. I got this information from the email i received.
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Assume monthly basic salary is RM4000.
- If your monthly EPF contribution is 11% ( RM440 ), taxable income = RM3560, income tax payable = RM77.
- If your monthly EPF contribution is 8% ( RM320 ), taxable income = RM3680, income tax payable = RM109.
Conclusion : If you choose to contribute 8%, you will end up paying more income tax to the government,
which will make the government richer. Finance Minister Najib said this measure is meant
to boost up the slow-down market, but from this example wee see that the money does not
go into the market. Instead the money goes direct into the government's pocket through
the greater amount of income tax that we will have to pay.
假设 薪水RM4000，
- 选择 EPF 11%也就是RM440，taxable income 是RM3560，所以tax RM77
- 选择 EPF 8%也就是RM320， taxable income 是RM3680，所以tax RM109
政府啊政府啊？这样下去，还有谁会相信你们所谓‘为国为民’的政策呢？（我还是政府公务员呢？！我们的公信力及名誉会给你们这些‘石后有蟹’的政策给弄丢了。。。唉。。。）
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That is why I am waiting for the form to be filled to change the 8% EPF contribution back to 11%. 有杀过没放过。。哈！
Please share this information with your friends, and kindly correct me if there is any mis-calculation above. 我可不是数学精算家，请多多指教~
Appreciated.
With Love,
elims Chuang
