EPF return to 11%

EPF return to 11%
View Full Size

EPF back to 11%

Background

With effective 1st January 2021 after the Budget 2021, employees have the option to reduce their EPF statutory contribution rate from 11% to 9%. This rate for employees will be in effect from January 2021 wages (February 2021 contribution) up to June 2022 (July 2022 Contribution) wages.

Why 9%

“The government understands the challenges faced by the people due to prolonged lockdowns and to increase cash in hand, EPF will extend the minimum contribution rate from 11% to 9% until June 2022.'' says Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

Borang KWSP 17A for 11% contribution

The reduced rate is default for all employees under 60 years old.

Should an employee choose to remain at 11% contribution rate, they'll need to fill up Borang KWSP 17A (Khas 2022) which will then be submitted to EPF by their respective employer. For those aged 60 and above, the statutory contribution remains at the existing rate.

Upon receiving the completed Borang KWSP 17A (Khas 2022) form from the employees, employers will need to register the application via the i-Akaun (Employer) and keep the completed Borang KWSP 17A (Khas 2022) form as a record.

Back to EPF 11%

The minimum statutory EPF contribution rate for employees returns to 11% from July 2022 wages onwards (August 2022 contribution)

Source:

https://www.kwsp.gov.my/en/belanjawan-2021#Reduction-Statutory-Contribution-Rate

Visit Us

  • Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates.

#Ktp #Thks

 

 


 

THK Management Advisory Sdn Bhd

Wisma THK, No. 41, 41-01, 41-02, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru, Johor, Malaysia.
+6012-771 7903
+607-361 3443
 
Switch to Mobile Version
Subscribe Newsletter