Please note that the EPF contribution rate and the amount must be calculated by EPF calculator and EPF table based on the contribution rate specified in the Third Schedule of the 1991 EPF Act, instead of using an exact percentage calculation, except for salaries in excess of RM20,000.
KUALA LUMPUR, 28 November 2020: The Employees Provident Fund (EPF) would like to inform that for the year 2021, the employee’s share of the statutory contribution rate will be reduced from 11 per cent to nine (9) per cent. This new statutory contribution rate for employees applies only to members below 60 years old who are liable for.
Mandatory Contribution. Your mandatory contribution is calculated based on your monthly salary as an employee in accordance with the Contribution Rate (Third Schedule). Monthly contributions are made up of the employee’s and employer’s share which is paid by the employer through various methods available to them. Employee Contribution Rates.
EMPLOYEES PROVIDENT FUND ACT 1991 THIRD SCHEDULE [Sections 43 and 44A] RATE OF MONTHLY CONTRIBUTIONS PART A 1. The rate of monthly contributions specified in this Part shall apply to the following employees until the employees attain the age of sixty years: (a) employees who are Malaysian citizens;
In the previous years, the statutory employee contribution rate was set at 11% for EPF members under the age of 60. Then, this year in February 2020, this rate was lowered to 7% for the period from April 1 to December 31, 2020, as part of the Economic Stimulus Package. So next in January 2021, EPF members will contribute.
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