Question
Graduated with a computer engineering degree and now being employed by Digital Nasional Berhad, Malaysias 5G network and infra-structure owner. You accepted a job paying
Graduated with a computer engineering degree and now being employed by Digital Nasional Berhad, Malaysias 5G network and infra-structure owner.
You accepted a job paying $3,500 per month. As an employee, you are required to contribute 11% of your salary to the Employees Provident Fund (EPF). Your employer is also required to contribute 12% of your salary to EPF.
Assuming you will work for 30 years, will not make any EPF withdrawals while in service and your salary remains at the present level until your retirement.
How much would you have in your retirement account if EPF is expected to pay contributors on average, 6% p.a dividend calculated on monthly basis savings, on your forced savings?
[Total: 7 marks]
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