KUALA LUMPUR: The minimum workers' share of the Employees Provident Fund (EPF) contribution for those above 60 will be reduced to 4% per month will start with the January 2019 salary contribution from February.
The EPF said in a statement on Monday the employees’ share of contribution rate will be 0%.
It said the new rates applied to the employees above 60 and who were liable to contribute to the EPF.
“The move to reduce the statutory contribution rates follows the Government’s proposal during the tabling of Budget 2019 on Nov 2, 2018, to help increase the take-home pay for employees who continue to work after reaching age 60.
“The reduction in employers’ share to minimum 4% would also encourage employment opportunities for workers above 60 years of age, thus ensuring the population above 60-years-old to remain productive and active in the economy,” the EPF said.
The EPF said in a statement on Monday the employees’ share of contribution rate will be 0%.
It said the new rates applied to the employees above 60 and who were liable to contribute to the EPF.
“The move to reduce the statutory contribution rates follows the Government’s proposal during the tabling of Budget 2019 on Nov 2, 2018, to help increase the take-home pay for employees who continue to work after reaching age 60.
“The reduction in employers’ share to minimum 4% would also encourage employment opportunities for workers above 60 years of age, thus ensuring the population above 60-years-old to remain productive and active in the economy,” the EPF said.
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