PM backs EPF proposal to cut contributions


  • Nation
  • Tuesday, 08 May 2007

KUALA LUMPUR: The Prime Minister has thrown his support behind the Employees Provident Fund's (EPF) proposal to slash employers' and employees' contributions for those aged 55 and above to 6% and 5.5% respectively. 

“I will go along with what the EPF will like to do,” said Datuk Seri Abdullah Ahmad Badawi. 

He said those aged 55 and above who were still in the workforce had “already performed their service, earned their income and made their contributions” to the fund. 

“There must be a good reason why EPF wants to reduce the contribution,” he told reporters yesterday after opening the World Halal Forum 2007

Under existing rules, employers contribute a minimum of 12% while employees pay 11%. 

Malaysian Employers Federation president Datuk Azman Shah Harun said employees aged 55 and above did not have to accept the cut in the employers’ contributions and could negotiate for a better deal. 

In his speech earlier, Abdullah called for a meeting of minds among Islamic jurists, scientists and business leaders on how to develop the global halal industry. 

He said this could be done through increased acquisition of knowledge, adding that, if this was not done, Malaysia ran the risk of being left behind on the halal sector.  

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