The Employees Provident Fund (KWSP) today announced that the statutory contribution rate of employee shares will be reduced from 11 per cent to nine per cent for 2021.
In a statement as reported by Sinar, the EPF said the new statutory contribution rate would apply to employees under the age of 60 who are required to contribute. For employees aged 60 and above, the statutory contribution of employee shares still remains at the same rate.
This new rate will be valid for a period of one year and will cover the wages of employees in January 2021 (February 2021 contribution) until December 2021 (January 2022 contribution). Members can still choose to maintain employee share contributions at the rate of 11 per cent by completing Form EPF 17A (Special 2021), which can be downloaded from the EPF website (www.kwsp.gov.my) from 1 Dec 2020. The statement elaborated,
“Completed forms must be submitted to the respective employers to be registered online through the i-Akaun (Employer) facility from 14 Dec 2020. Forms received from employees must be kept as an employer record.”
For more information, members can refer to the EPF website or contact the EPF Relationship Management Center at 03-8922 6000.
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