Do you know as an employee you will be contributing 9% only to EPF effective January 2021?
The Malaysian federal government will reduce the minimum employee contribution rate for the Employees Provident Fund (EPF) from 11 per cent to 9 per cent for a period of 12 months starting January to December 2021.
This reduction aims to increase workers’ take-home salaries. Besides, members will also be allowed to withdraw their EPF savings from Account 1 “on a targeted basis”.
The amount allowed for such withdrawals will be RM500 a month with a total of up to RM6,000 over a duration of 12 months to assists member who lost their job. So to all HR friends and business owner, please take note starting in January 2021 the contribution rate for the employee is 9% every month.
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