The statutory Employees Provident Fund (EPF) contribution rate by employees will revert to the original 11 percent for members aged below 60, and 5.5 percent for those 60 and above, effective from January 2018 salaries for February 2018 contribution.
In a statement today, the EPF said employers should ensure the right amount of contribution was deducted from their employees’ salaries and remitted in accordance with the new rate.
“The contribution rates for employees and employers can be obtained by referring to the Third Schedule of the EPF Act 1991,” it said.
The government had announced a reduction in the employees’ contribution rate in 2016, following the tabling of the revision of Budget 2016 by Prime Minister Najib Abdul Razak.
The EPF said the reduction of the statutory contribution rate for employees’ share to eight percent, which started in March 2016, would end this month.
It also said that members who wished to contribute more than the statutory rate of 11 percent or 5.5 percent may do so, by completing the Form KWSP 17A (AHL) or Form KWSP 17AA (AHL).
More information can be obtained by visiting the EPF website.
- Bernama
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