KUALA LUMPUR (Nov 28): The Employees Provident Fund (EPF) said today employees’ 2021 share of the statutory contribution rate will be reduced to 9% from 11%.
In a statement today, the EPF said the new statutory contribution rate for employees applies only to members under 60 years old, who are liable for contributions.
For members aged 60 years old and above, the statutory contribution rate for employees remains unchanged, the EPF said.
"The new rates will be in effect for an entire year, affecting wages for the months of January 2021 (February 2021’s contribution) up to December 2021 (January 2022’s contribution).
"Members who wish to maintain the contribution rate for employees at 11% may fill in the Borang KWSP 17A (Khas 2021) form, which will be made available on the EPF website (www.kwsp.gov.my) starting Dec 1, 2020.
"The completed form must then be submitted to their respective employers for online registration via i-Akaun (Employer), which will begin from Dec 14, 2020. Employers are also required to keep the form received for their record,” the EPF said.