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Having being reduced to 8% from the March 2016 salary (April contribution), Malaysia’s statutory contribution rate for employees’ share will revert to 11% effective the January 2018 cycle.
The reduced rate of 8% has ended as of December 2017 salary cycle (January 2018 contribution), according to an advisory by Malaysia’s Employees Provident Fund (EPF – KWSP). The reduction was announced in 2016 after the tabling of the revision of Budget 2016 by PM Datuk Seri Najib Razak.
Effective January 2018 cycle (February 2018 EPF contribution), the statutory contribution rate for employees’ share will revert to the original 11% for members below age 60, and 5.5% for those aged 60 and above.
Per the EPF statement, employers are required to ensure the right amount of contributions are deducted from their employees’ salary and remitted to the EPF. 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).
Photo / 123RF
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