EPF to provide customised advisory support for affected businesses


  • Economy
  • Friday, 27 Mar 2020

KUALA LUMPUR (Bernama) -- The Employees Provident Fund (EPF) is introducing its Employer Advisory Services (EAS) beginning April 15 to provide customised advisory support for employers, specifically with regards to the employers’ portion of EPF contributions during the current economic downturn.

In a statement, the fund said this measure aims to assist employers to remain solvent amidst the COVID-19 pandemic so that they could continue providing and retaining jobs, supporting workers, and protecting livelihoods apart from alleviating some of the cash flow challenges faced by small and medium-sized enterprise (SME) employers.

"More importantly, the EAS is intended to help employers fulfil their obligation of paying for their portion of the EPF contributions.

"Through the EAS, the EPF will assess the specific conditions of affected companies and offer customised plans on the EPF contributions schedule as provided for under the EPF Act 1991,” it said.

EPF said the measures might include restructuring of contribution schedules or staggering the payments for outstanding contributions.

The EAS effort is expected to benefit over 480,000 SMEs and other corporations and ensure job continuity for 7.6 million employees, and the services would be expanded to include more comprehensive business and employer advisory services in the future.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 0
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Companies , EPF , SME

   

Next In Business News

Cypark unaware of reason for UMA
Pasukhas wins RM21mil contract in Johor
LCT braces for challenging outlook
Boustead Plantations directors resign to pursue other interests
Public Mutual declares RM55mil distributions for 9 funds
FBM KLCI slumps to 3-week low
Perodua aims for maximum production, sales in 2023
Oil slips on rate hike worries, Russian export flows
Mavcom allocates 44 air traffic rights in 4Q 2022
MISC welcomes two new generation LNG carriers to fleet

Others Also Read