PETALING JAYA: Beginning January 2021, the employee’s share of the statutory contribution rate will be reduced from 11% to 9%.
In a statement on Saturday (Nov 28), the Employees Provident Fund said that the new statutory contribution rate will be in effect until December 2021, and added that it applies only to members below the age of 60 who are liable for contribution.
"For members aged 60 and above, the statutory contribution rate for employees remains unchanged. The new rates will be in effect for an entire year, affecting wages for the months of January 2021 up to December 2021," it said.
Members who wish to maintain the contribution rate for employees at 11% are requested to fill in the Borang KWSP 17A (Khas 2021) form, which will be made available on the EPF website (www.kwsp.gov.my) starting Dec 1.
"The completed form must then be submitted to their respective employers for online registration via i-Akaun (Employer), which will begin from Dec 14,2020," it said, adding that employers are also required to keep the form received for their record.
For more information, members may refer to the EPF website or contact the EPF Contact Management Centre at 03-8922 600.
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