Varnam MY
  • Home
  • News
  • Celebrity
  • Reviews
  • Features
  • Music
  • Trailers
  • Culture
No Result
View All Result
Varnam MY
  • Home
  • News
  • Celebrity
  • Reviews
  • Features
  • Music
  • Trailers
  • Culture
No Result
View All Result
Varnam MY
No Result
View All Result
Home Community

EPF Reduces The Statutory Contribution Limit To 9% For All Workers

by Monisha Vijaya Segaran
November 30, 2020
13
SHARES
66
VIEWS
Share on FacebookShare on TwitterSend

EPF is defined as the Employers Provident Fund, where all Malaysian employees are entitled to make contribution to upon being employed at their respective organisation.

This contribution will be deducted by the employers from their employees monthly wage under a certain percentage intended by the respective individuals.

REUTERS/Lim Huey Teng

As per a recent anouncemant, the employee’s statutory contribution rate to the Employers Provident Fund (EPF) will be decreased to 9 percent from 11 percent beginning next year onwards. 

The statement was made by the EPF board, and confirmed that the new EPF contribution will only be applied to employees below the age of 60 and the remittance for employees above the age of 60 however remains unchanged.

The new standards will be implied in 2021, impacting salaries from January 2021 to December 2021.

For members aged 60 years old and above, the statutory contribution rate for employees remains unchanged. The new rates will be in effect for an entire year, affecting wages for the months of Jan 2021 (Feb 2021’s contribution) up to Dec 2021 (Jan 2022’s contribution).

Members preferring to maintain the employee contribution rate at 11 percent should fill in the Borang KWSP 17A (Khas 2021) that will be made accessible on the EPF website from 1st December onwards.

EPF further announced that;

The completed form must then be submitted for online registration via i-Akaun (Employer) to by their respective employers, starting from 14th December. Employers are also expected to keep the form acquired for their own personal record.

Due to the on-going pandemic that seems to be seeing no end, employees will only be able to obtain the form online via their respective i-Akaun. This is due to EPF’s efforts to ensure physical distance and minimise face-to-face interactions to prevent the spread of Covid-19.

Follow us on Instagram, Facebook or Telegram for more updates and breaking news. 

For more details, employees may refer to the official EPF website or contact the EPF contact management centre at 03-8922 6000 for detailed insights on the new 9% limit contribution soon to be imposed. 
What’s your Reaction?
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0

Filed Under employers provident fundepfgovernment changes epf contribution rate to 9%kwspperkesosokso
Share6Tweet3Send

RELATED POST

Raising Awareness On The Plight Of Tamil Schools In Malaysia
Community

Raising Awareness On The Plight Of Tamil Schools In Malaysia

by Khirthnadhevi Kumar
January 31, 2023
Melinder Kaur, Former National Athlete Sealed Her 5th National Record
Community

Melinder Kaur, Former National Athlete Sealed Her 5th National Record

by Nanthini Suresh
January 31, 2023
Penang Expects 1.5 Million Devotees This Thaipusam
Community

Penang Expects 1.5 Million Devotees This Thaipusam

by Khirthnadhevi Kumar
January 31, 2023
KTM Komuter Offers More Train Services to Batu Caves for Thaipusam Festival
News

KTM Komuter Offers More Train Services to Batu Caves for Thaipusam Festival

by Nanthini Suresh
January 30, 2023

ADVERTISEMENT

UPCOMING EVENTS

Feb 19
7:00 pm - 11:30 pm
Hearts Of Harris 2.0 Live in Kuala Lumpur 2023
scheduled
Find out more »
Mar 18
6:00 pm - 11:00 pm
Sounds of the South – Santhosh Narayanan
scheduled
Find out more »

TRENDING TODAY

Hold Your Hearts, As The Hearts Of Harris 2.0 Is Coming Soon

Hold Your Hearts, As The Hearts Of Harris 2.0 Is Coming Soon

January 25, 2023
Hearts Of Harris Concert 2023: A Dreamy Night That Truly Came to Live

Hearts Of Harris Concert 2023: A Dreamy Night That Truly Came to Live

January 24, 2023
AR Rahman – Secret of Success ‘Live in Kuala Lumpur 2023’ Is All About His 30 Years of Music Journey

AR Rahman – Secret of Success ‘Live in Kuala Lumpur 2023’ Is All About His 30 Years of Music Journey

September 15, 2022
WIN Tickets to AR Rahman – Secret of Success Concert Happening this 28th January 2023 at National Stadium Bukit Jalil KL

WIN Tickets to AR Rahman – Secret of Success Concert Happening this 28th January 2023 at National Stadium Bukit Jalil KL

January 23, 2023
Xavier; Get To Know The Man Behind Savage Comments!

Xavier; Get To Know The Man Behind Savage Comments!

January 11, 2021

VARNAM BYTES

Varnam MY is the Malaysian Indian livewire for the latest Malaysian based community news, local celebrity news, interviews, and all things Indian! Join us on Facebook, Instagram and Twitter or right here at Varnam.MY!

Contact us: newsdesk@varnam.my

  • Advertising
  • Jobs
  • Contact Us
  • Privacy Policy

© 2023 Vijandren Ramadass. All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Celebrity
  • Reviews
  • Features
  • Music
  • Trailers
  • Culture

© 2023 Vijandren Ramadass. All Rights Reserved.