Minimum statutory contribution rate for all employees will be returning to 11%

Minimum statutory contribution rate for all employees will be returning to 11 percent.

The Government’s decision to extend the minimum statutory contribution rate for employees at nine (9) percent for an additional six months is a recognition of the financial difficulties that members are currently facing. The extension will be in place from January 2022 earnings (February 2022 contribution) through June 2022 wages (July 2022 contribution), after which the minimum statutory contribution rate for employees will return to 11%. Members have the option to opt out of the extension.

Source: https://www.kwsp.gov.my/en/web/guest/w/epf-supports-budget-2022-measures-to-spur-the-economy-and-build-resilience-key-to-rebuilding-retirement-savings?fbclid=IwAR2vu99BycmUOOiEbwqLHLYDYaF5Q4cAJMj2x0YE6I9BCenegR8TufAvHfI

#MyWave
#EmplX