|
Example of Calculation of Amount Eligible to Withdraw
Example I: First Time Withdrawal
|
Case I (RM) |
Case II (RM) |
| Member's Age |
40 |
35 |
| Balance in Account I |
60,000.00 |
35,000.00 |
Amount of Savings Above RM50,000.00 in Account I (Y)
20% x (Y) |
(60,000.00 - 44,000.00)
= 16,000.00
=3,200.00
|
(35,000.00 - 29,000.00)
= 6,000.00
=1,200.00 |
| Minimum Amount That Can Be Invested |
1,000.00 |
1,000.00 |
| Maximum Amount That Can Be Invested |
3,200.00 |
1,200.00 |
| Amount Investment By Member |
3,200.00 |
1,200.00 |
| Balance in Account I |
(60,000.00 - 3,200.00)
= 56,800.00 |
(34,000.00 - 1,200.00)
= 32,800.00 |
Example II: Second Withdrawal (After Three Months)
If there are no new contributions paid into the above member's account during the three months period and the member has invested the maximum amount that can be invested, that is RM3,200.00 in Case I and RM1,000.00 in Case II, calculation for the second withdrawal is as follows:
|
Case I (RM) |
Case II (RM) |
| Member's Age |
40 |
35 |
| Balance in Account I |
56,800.00 |
32,800.00 |
Amount of Savings Above RM50,000.00 in Account I (Y)
20% x (Y) |
(56,800.00 - 44,000.00)
= 12,800.00
=2,560.00
|
(32,800.00 - 29,000.00)
= 3,800.00
=760.00 |
| Minimum Amount That Can Be Invested |
1,000.00 |
NIL |
| Maximum Amount That Can Be Invested |
2,560.00 |
Cannot invest since the minimum balance required in Account I is at least RM5,000 more than the required basic savings.
|
| Balance in Account I |
= 54,240.00 |
= 32,800.00 |
Note:
-
Member in Case I above can still use his savings for investment every three months until his Account I has at least RM5,000 more than the required basic savings. Member in Case II is not eligible to use his savings for this withdrawal.
-
If there is new contributions paid into members' account, it will be accounted for the next investment.
-
If members do not use the maximum amount that can be invested, for example in case I, the amount that can be invested is RM2,560.00, if the member only invests RM1,000.00, the balance of RM1,560.00 will be accounted in his balance of Account I for the next investment.
|
