Budget 2022: Minimum EPF contribution of 9% to remain till June 2022

PETALING JAYA: Under Budget 2022, the minimum contribution rate for employees to the Employees Provident Fund (EPF), which was reduced to 9% since last year, will remain until June 2022, says Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

“The government understands the challenges faced by the people due to prolonged lockdowns and to increase cash in hand, EPF will extend the minimum contribution rate from 11% to 9% until June 2022."

Tengku Zafrul also said this will involve a RM2bil allocation in Budget 2022.

Tengku Zafrul was speaking when tabling Budget 2022 in Parliament on Friday (Oct 29).

The minimum contribution rate was first reduced to 9% last year in Budget 2021.