EPF Revert Employees Contribution To 11 Percent
KUALA LUMPUR, Nov 18 – The Employees Provident Fund (EPF) monthly statutory contribution rate for employees will revert to 11 percent from eight per cent, with effect from the January wage next year, the EPF said in a statement.
The employees’ statutory rate was lowered for a two-year period from 11 percent to eight per cent from the January 2009 to December 2010 wage.
It followed an announcement by Finance Minister and Deputy Prime Minister Datuk Seri Najib Tun Razak then that members could reduce their monthly contributions to give them more disposable income.
The announcement was part of a stimulus package to help boost economic growth.
The EPF reminded employers to ensure that the correct amounts are deducted from the employees’ wages based on the new contribution rate and remitted to the EPF starting February.
The EPF said members who had previously submitted Form KWSP 17A (AHL) Khas/KWSP 17AA Khas to maintain the contribution rate at 11 per cent during the two-year period would not need to take any further action.
The employers’ share of the monthly contribution to the EPF remains at 12 per cent.
More information can be obtained from EPF branches or its call centre at 03-8922 6000, or post their enquiries via the myEPF website.