KUALA LUMPUR: The employee’s share of the statutory contribution rate to the Employees Provident Fund (EPF) will be reduced to 9% from 11% next year.
In a statement today, EPF said the new remittance structure only affected employees aged below 60. The statutory contribution rate for employees aged 60 and above remains unchanged.
The new rates will apply throughout 2021, affecting wages for the months of January 2021 (February 2021’s contribution) up to December 2021 (January 2022’s contribution).
“Members who wish to maintain the contribution rate for employees at 11% may fill in the ‘Borang KWSP 17A (Khas 2021)’, 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. Employers are also required to keep the form received for their record,” EPF said.
For more information, members may refer to the EPF website or contact the EPF Contact Management Centre at 03-8922 6000.