Lower EPF Employees’ Contribution Rate Starting January 2009 Wage

emm starting from january bolehla kita berbelanja lebih dan kurangkan menyimpan dalam epf...

pelik jugak la sebenarnya dalam org selalu cakap simpanan dalam epf tak cukup bila dah bersara kita masih nak mengurangkan the contribution rate..hopefully ni temporary je lah

Kuala Lumpur, 6 November 2008-- Members Of The Employees Provident Fund (EPF) Will Be Able To Benefit From The Reduction Of The Employees’ Monthly Statutory Contribution Rate By Three Per Cent, From 11 Per Cent To 8 Per Cent, Effective From January 2009 Wage For A Period Of Two Years.

Deputy Prime Minister and Finance Minister YAB Datuk Seri Najib Tun Abdul Razak made the announcement during the winding up speech for the Ministry of Finance on the 2009 Budget on Tuesday. The move will help increase members’ disposable income in the context of the current economic outlook. At the same time, the higher disposable income will support domestic consumption and thus help sustain the momentum of economic growth.

The decision to reduce members’ statutory contribution rate was taken twice before in 2001 and 2003 as part of an economic stimulus package.

For ease of members and to better facilitate implementation of the measure, the reduction of the employees’ contribution from 11 per cent to 8 per cent will be made automatically, effective from January 2009 wage. This arrangement will be implemented until December 2010 wage.

However if members wish to maintain the contribution rate at 11 per cent may choose to do so by filling up Form KWSP 17A (AHL). Once completed, the forms can be submitted to the members’ respective employers for submission to the EPF.