No more option of contributing 8%.
Next year, the Employees Provident Fund (EPF) contribution rate by employees will revert to the original 11 percent for members aged below 60, and 5.5 percent for those 60 and above. This will be effective from the January 2018 salary for February 2018 contribution.
“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.
“The contribution rates for employees and employers can be obtained by referring to the Third Schedule of the EPF Act 1991,” EPF said in a statement.
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 of 8% had been introduced in March 2016.
More information can be obtained by visiting www.kwsp.gov.my or calling the EPF Contact Management Centre at 03-8922 6000 or visiting the nearest EPF branch.