KUALA LUMPUR (Dec 21): Beginning January 2018, employees will no longer have the option of contributing 8% of their income to the Employees Provident Fund (EPF).
Instead, the statutory contribution rate for employee's share will revert to the original 11% for members below the age of 60, and 5.5% for those aged 60 and above.
The new rate will be effective for salaries from January 2018 onwards (February 2018 EPF contribution), EPF said in a statement today.
"Employers are required 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," EPF said.
It added that members who wished to contribute more than the statutory rate of 11% or 5.5% may do so by completing Form KWSP 17A (AHL) or Form KWSP 17AA (AHL).
The option for a reduced contribution rate had been introduced in March 2016.
Source : http://www.theedgemarkets.com/…/epf-employee-contribution-r…