Workers contribution to EPF reverts to 11% from January
KUALA LUMPUR: The employees' statutory contribution to the Employees Provident Fund (EPF) will revert to the original 11% for members below age 60, and 5.5% for those aged 60 and above with effect from January 2018.
The EPF said on Thursday this would be implemented in the February 2018 EPF contribution.
The reduction of contribution rate to 8% was announced by the government in 2016 following the tabling of the revision of Budget 2016 by Prime Minister Datuk Seri Najib Tun Razak.
The reduction of the statutory contribution was started for the March 2016 wage/salary (April contribution)
“Employers are required to ensure the right amount of contributions are deducted from their employees’ salary and remitted to the EPF in accordance with the new contribution rates,” it said.
The EPF said the latest contribution rates for employees and employers can be referred at the Third Schedule, EPF Act 1991.
“Members who wish to contribute more than the statutory rate of 11% or 5.5% may do so by completing Form KWSP 17A (AHL) or Form KWSP 17AA (AHL),” it said.
Read more at https://www.thestar.com.my/business/business-news/2017/12/21/workers-contribution-to-epf-reverts-to-11pct-from-january/#5L0CvKPqD2AUDwcR.99
