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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