RSM Malaysia

Minimum EPF contribution rate for employees reduced to 7%

enews-07.png

Read in Chinese Version


  • Pursuant to the Government’s recent 2020 Economic Stimulus Package, the new minimum EPF contribution rate for employees below 60 years old will be reduced from 11% to 7%. However, contribution rates for employees aged 60 years old and above remain unchanged.
  • The new statutory contribution rate for employees will impact wages paid for April until December 2020 which are reflected in EPF contribution submissions from May 2020 till January 2021.
  • Employees have the option to opt out from the scheme and maintain the rate at 11% by completing Borang KWSP 17A (Khas 2020). This form must be completed by the employee and submitted to the EPF office by the employers.
  • The employer’s contribution rate is unaffected by this announcement.

Should you have any further inquiry may direct contact relevant units in charges
Kumpulan Wang Simpanan Pekerja (KWSP) 03 – 8922 6000


Sources:
https://www.kwsp.gov.my/-/reduction-of-statutory-contribution-rate-for-employees

KEY CONTACTS

Mr Yong Kam Fei
Director
E: [email protected]

Mr LeeWee Tak
Head of Outsourcing
E: [email protected]

Ms Ong Chew Guat 
Senior Manager
E: [email protected]

How can we help you?

Contact us  +6 (03) 2610-2888  or submit your questions, comments, or proposal requests.

Contact us