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KUALA LUMPUR: The employee’s share of the statutory contribution rate to the Employee Provident Fund (EPF) will be reduced from 11% to 9% next year.
In a statement today, EPF said that the new remittance structure only affects employees under the age of 60. The statutory contribution rate for employees age 60 and older remains unchanged.
The new rates will be applied throughout 2021, affecting salaries for the months of January 2021 (February 2021 contribution) until December 2021 (January 2022 contribution).
“Members who wish to keep the contribution rate for employees at 11% can complete the ‘Borang KWSP 17A (Khas 2021)’, which will be available on the EPF website (www.kwsp.gov.my) as of December 1.
“The completed form must be submitted to their respective employers for online registration through i-Akaun (Employer), which will start from December 14, 2020. Employers should also keep the received form for their registration,” he said. EPF.
For more information, members can refer to the EPF website or contact the EPF Contact Management Center at 03-8922 6000.
