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06 March 2012
EPF Reminds Employers To Remit New Contribution Rate
 
EPF Reminds Employers To Remit New Contribution Rate
 
Latest Contribution Schedule Available on myEPF Website for Employers’ Easy Reference

The Employees Provident Fund (EPF) today reminds employers to check that they have paid the correct employer’s contribution amount following the increase in employer’s statutory rate of EPF contribution for employees earning RM5,000 and below to 13 per cent effective January 2012 wages.

“The latest EPF contribution schedule has been uploaded onto myEPF website (www.kwsp.gov.my) for the benefit of employers who wish to verify the new amount of their share of EPF contributions,” said EPF Public Relations General Manager Encik Nik Affendi Jaafar.

The employers’ statutory contribution rate for employees earning a monthly wage of not exceeding RM5,000 was increased to 13 per cent from the previous 12 per cent following the 2012 Budget announcement as a move to redress the problem of inadequacy of income during retirement. The employees’ contribution rate remains at 11 per cent.

In addition, the employer’s share of contribution in respect of employees aged 55 years and above earning RM5,000 and below has also been increased to 6.5 per cent from 6 per cent, while employees under this category continue to contribute at 5.5 per cent.

Nik Affendi reminded employers that they are required to contribute their share of the contributions together with the respective employee’s portion according to the new contribution schedule.

“Employers should take care to complete their monthly contribution form (Form A) with the correct details of their employees. For instance, they should make sure that each employee’s name and Identity Card number on the respective Form A are identical to that contained in the respective employee’s myKad or Identity Card to avoid any possible error.

“The monthly contributions must also be remitted to the EPF before or on the 15th day of every month while the total payment should tally with the total contributions recorded in the respective Form A,” he stated.

About the Employees Provident Fund (EPF)
The Employees Provident Fund (EPF) is Malaysia’s premier retirement savings fund, providing basic financial security for retirement. The Fund is committed to preserving and growing the savings of its members in accordance with best practices in investment and corporate governance. It will always be guided by prudence in its investment decisions.

As a customer-focused organisation, the EPF delivers efficient and reliable services for the convenience of its members and registered employers.

The EPF continues to play a catalytic role in the nation’s economic growth, consistent with its position as a leading savings institution in Malaysia.

Date: 6 March 2012
 
 
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