EPF lauds extension of 9% statutory contribution rate, other initiatives

KUALA LUMPUR: The Employees Provident Fund said the government's move to extend the statutory contribution rate at 9% until mid-2022 should come as a relief as it helps to increase employee’s take-home salary and ease financial hardship.

The extension, which can be opted out if members choose to, will take effect from January 2022 wages (February 2022 contribution) until June 2022 wages (July 2022 contribution), after which the minimum statutory contribution rate for employees returns to 11%.