EPF Members Can Apply To Maintain Contribution Rate At 11% Starting From 1 December

The Employees Provident Fund (EPF) has announced that employees who wish to maintain their statutory contribution rate at 11% rather than 9% in 2021 will have the option to apply to do so beginning from 1 December 2020. 

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EPF Members Can Apply To Maintain Contribution Rate At 11% Starting From 1 December

EPF Members Can Apply To Maintain Contribution Rate At 11% Starting From 1 December . --image via Hari Anggara on MalayMail



"Individuals who wish to maintain the contribution rate for employees at 11% may fill in the Borang KWSP 17A (Khas 2021), which will be made available on the EPF site beginning 1 December 2020," said the provident fund in a statement


Consequently, employees must present their finished structures to their individual bosses for online registration by means of the I-Akaun (Employer) entryway. These registrations by the businesses are slated to start on 14 December 2020, and they should likewise keep the structures got for record purposes. 

EPF Members Can Apply To Maintain Contribution Rate At 11% Starting From 1 December


The provident fund additionally explained that the reduced statutory contribution rate of 9% will just influence employees under 60 years old. The rate for those matured 60 or more will stay unaltered. As indicated by the EPF, the new rate will happen beginning from January 2021 (contribution for February 2021) until December 2021 (contribution for January 2022). 


This transition to set the base employee contribution rate at 9% was announced by Finance Minister Tengku Zafrul Abdul Aziz during the postponing of Budget 2021. As indicated by the minister, it was intended to give EPF individuals admittance to more available cash, empowering them to get through the financial challenges welcomed on by Covid-19. It is required to let loose a cashflow of up to RM9.3 billion. 


Preceding these changes, the statutory employee contribution rate was set at 11% for individuals underneath the age of 60. In February 2020, the public authority briefly reduced it to 7% (April to December 2020) as one of the initiatives under the principal monetary improvement bundle, despite the fact that individuals could likewise quit from the decrease by finishing a structure at that point.

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12/01/2020 02:10:00 PTG
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