EPF to provide customised advisory support for affected businesses

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.