The revised employers’ statutory contribution rate of 13% to the Employees Provident Fund for workers earning less than RM5,000 a month will take effect next month.
The 1% increase from the current 12% will benefit about 5.3 million working Malaysians, who make up 92% of EPF’s active members.
The employee contribution rate remains at 11%.
Employees who are 55 years and above and earning wages not exceeding RM5,000 will also benefit from the revised rates, as employers are now required to contribute at 6.5% – an additional 0.5% from the current 6%.
The rate increase was announced by Prime Minister Datuk Seri Najib Tun Razak in his Budget 2012 speech as a move to help those with insufficient savings to bear the cost of living upon retirement.
Source: The Star.. Higher EPF contribution for 5.3 million workers
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