KUALA LUMPUR: Worker’s Employee’s Provident Fund (EPF) statutory rate contribution rate will revert back to 11 per cent from January onwards.
The EPF in a statement said that the reduction of the statutory contribution rate for employees’ share to eight per cent, which began for the March 2016 wage/salary (April contribution), will end at the end of Dec 2017 wage/salary (January 2018 contribution).
The reduction of contribution rate was announced by the Government in 2016 following the tabling of the revision of Budget 2016 Prime Minister Datuk Seri Najib Razak.
“Effective January 2018 wage/salary (February 2018 EPF contribution), the statutory contribution rate for employees’ share will revert to the original 11 per cent for members below age 60, and 5.5 per cent for those aged 60 and above,” it said in a statement today.
EPF called upon employers to ensure the right amount of contributions are deducted from their employees’ salary and remitted to the EPF in accordance with the new contribution rates.
The latest contribution rates for employees and employers can be referred at the Third Schedule, EPF Act 1991, it said.
EPF adds that members who wish to contribute more than the statutory rate of 11 per cent or 5.5 per cent may do so by completing Form KWSP 17A (AHL) or Form KWSP 17AA (AHL).