Epf Contribution Table For Age Above 60 2019

The minimum statutory contribution by employers to malaysia s employees provident fund epf for employees aged above 60 will be reduced to 4 per month down from the previous 6.

Epf contribution table for age above 60 2019. The new rates will apply from the first day of the month after the employee turns 50 55 60 or 65. The minimum employers share of the employees provident fund epf statutory contribution rate for employees aged 60 and above has been reduced to 4 per month. 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. Your mandatory contribution is calculated based on your monthly salary as an employee in accordance with the contribution rate third schedule monthly contributions are made up of the employee s and employer s share which is paid by the employer through various methods available to them.

The new minimum statutory rates proposed in budget 2019 are effective this month for the. The minimum workers share of the employees provident fund epf contribution for those above 60 will be reduced to 4 per month will start with the january 2019 salary contribution. The employees provident fund epf announced that the minimum employers share of epf statutory contribution rate for employees above age 60 who are liable to contribute will be reduced to 4 per month while the employees share of contribution rate will be 0. Change of age group the cpf contribution rate changes as an employee moves to the next age group.

Those older than 65 now have a contribution rate of 12 5 per cent with employers contributing only 7. Replied by kap chew on topic socso contribution above age 60 please go to employee management edit salary statutory details then change socso category to employment injury only. The latest contribution rate for employees and employers effective january 2019 salary wage can be referred in thethird schedule. Employers are required to remit epf contributions based on this schedule.

Workers above 60 to 65 receive a 16 5 contribution rate with employers providing 9 per cent. 50 years below above 50 to 55 years above 55 to 60 years above 60 to 65 years above 65 years. The age groups are. At the same time the employees share of minimum contribution rate has been reduced to 0 down from the previous 5 5 this was announced by the epf also known as kwsp kumpulan wang simpanan pekerja on 7.

Below 60 years old stage 2 age 60 and above malaysian. Please log in or create an account to join the conversation.