{"id":21650,"date":"2016-01-29T16:41:39","date_gmt":"2016-01-29T08:41:39","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=21650"},"modified":"2019-12-03T10:18:43","modified_gmt":"2019-12-03T02:18:43","slug":"epf-contributions-can-remain-at-11-for-employees","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/epf-contributions-can-remain-at-11-for-employees","title":{"rendered":"EPF Contributions Can Remain At 11% For Employees"},"content":{"rendered":"<p>The Government has agreed to lower employees\u2019 contribution to the Employee\u2019s Provident Fund (EPF) by 3% beginning March 2016 to December 2017 as part of the revised <a href=\"https:\/\/www.imoney.my\/articles\/recalibration-malaysia-budget-2016-highlights\" target=\"_blank\" rel=\"noopener noreferrer\">Budget 2016<\/a>.<\/p>\n<p>However, employees will have the option of maintaining their contribution to EPF at 11%.<\/p>\n<p>EPF said in a statement that members could fill up a form and submit it to their employers so that they can contribute more than the statutory rate.<\/p>\n<p>\u201cEmployers will then forward the notices to the nearest EPF branch,\u201d the government agency said.<\/p>\n<p>The notice, labelled Notis 17A Khas 2016, would be made available for download from <a rel=\"nofollow noopener noreferrer\" href=\"http:\/\/www.kwsp.gov.my\/portal\/web\/kwsp\/home\" target=\"_blank\">EPF\u2019s website<\/a> beginning 2 February. The new monthly contribution rate (Schedule Three) can be downloaded from Feb 16, EPF said.<\/p>\n<p>The move to cut employee contributions from 11% to 8% was among 11 restructured and recalibrated measures to ensure the economy and country\u2019s financial position remain on the right track.<\/p>\n<div class=\"mv-widget\" data-widget=\"poll\" data-id=\"ZcminvaGp85gqFqdQSR1hoCHMAO\" data-width=\"100%\" data-height=\"auto\"><\/div>\n<p><script src=\"\/\/d6launbk5pe1s.cloudfront.net\/widget.js\" async=\"\"><\/script><\/p>\n<p>Contribution by employers will remain at 12% (for employees earning above RM5,000) and 13% (for employees earning RM5,000 and below).<\/p>\n<p>The new rate means that employees will now have a higher discretionary income to cope with the rising cost of living. The move is expected to increase private sector spending by RM8 billion a year.<\/p>\n<p>A similar reduction was imposed between January 2008 and December 2009 amid a global financial crisis.<\/p>\n<p>Should you go for 8% or 11% EPF contributions? Find out <a href=\"https:\/\/www.imoney.my\/articles\/epf-contribution-rate-2016-8-or-11\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a>.<\/p>\n<p><em>[<\/em><a href=\"http:\/\/www.thestar.com.my\/news\/nation\/2016\/01\/29\/epf-contributions-can-stay-at-11-employees-have-the-option-to-maintain-their-current-cut\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><em>Source<\/em><\/a><em>]<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Under Budget 2016 revision, Malaysians now have the options of lowering their EPF contributions by 3% or maintaining it at 11%.<\/p>\n","protected":false},"author":34,"featured_media":21651,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[294,216,240],"tags":[340],"class_list":["post-21650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-2016","category-news-updates","category-retirement-planning","tag-epf"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EPF Contributions Can Remain At 11% For Employees | iMoney<\/title>\n<meta name=\"description\" content=\"Under Budget 2016 revision, Malaysians now have the options of lowering their EPF contributions by 3% or maintaining it at 11%.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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