Epf Contribution Rate 2020 Table 7

An overview of announcement by honorable finance minister nirmala sitharaman on wednesday 13 05 2020 regarding epf contribution by which epf contribution was reduced for employers and employees for 3 months to 10 from 12 for all establishments covered by epfo for next 3 months i e. Pursuant to the government s recent 2020 economic stimulus package the new minimum epf contribution rate for employees below 60 years old will be reduced from 11 to 7 however contribution rates for employees aged 60 years old and above remain unchanged. Employers are required to remit epf contributions based on this schedule.

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The 7 contribution rate will take effect from 1st april 2020 until the end of 2020 and it will be applicable to all epf members under 60 years of age that are subject to statutory contribution.

Epf contribution rate 2020 table 7. The minimum employers share of epf statutory contribution rate for employees above age 60 who are liable to contribute will be reduced to four 4 per cent per month while the employees share of contribution rate will be zero per cent. Yes the rate of contributions is 10 for the three wage months may 2020 june 2020 and july 2020 irrespective of date of payment. However employees may choose to maintain the current contribution rate of 11 by completing borang kwsp 17a khas 2020 that will be made available on the epf website at a later date. For employees who receive wages salary exceeding rm5 000 the employee s contribution of 11 remains while the employer s contribution is 12.

The latest contribution rate for employees and employers effective january 2019 salary wage can be referred in the third schedule epf act 1991 click to download. Union finance minister nirmala sitharaman on 13 05 2020 announced the statutory. The reduced employees provident fund epf contribution rate from 11 to 7 under the economic stimulus package 2020 will take effect in the employee s salary in april 2020 may. Employees provident fund malaysia epf is a federal statutory body under the purview of the ministry of finance employees provident fund epf will allow education withdrawals for professional certificate programmes under budget 2020 every company is required to contribute epf calculator for its staff workers and to remit the contribution sum to kwsp before the 15th day of the following.

The establishments which were already entitled to reduced rate of contribution 10 through the so 320 e dated 09 04 1997 are not eligible for any further reduction in rate of contribution. For members aged 60 years and above the employees share of contribution rate will remain at 0. Monthly contribution rate third schedule the latest contribution rate for employees and employers effective january 2019 salary wage can be referred in thethird schedule epf act 1991 employers are required to remit epf contributions based on this schedule. May 20 june 20 july 20.