Epf Employer Contribution Rate 2019 For Age Above 60

The employee can pay at a higher rate and in such case employer is not under any obligation to pay at such higher rate. Kuala lumpur jan 7. 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.

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The employees provident fund epf today announced that employers will from now make a minimum statutory contribution of 4 for employees above 60 years old against the present.

Epf employer contribution rate 2019 for age above 60. The minimum employers share of. 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. The new minimum statutory rates proposed in budget 2019 are effective this month for the contribution month of february said epf. The employees provident fund epf has reduced the statutory contribution rate for employees above age 60 who are liable to contribute.

The employees provident fund epf yesterday announced that employers will from now make a minimum statutory contribution of four per cent for employees above 60 years old against. The new minimum statutory rates proposed in budget 2019 are effective this month for the. To pay contribution on higher wages a joint request from employee and employer is required para 26 6 of epf scheme. Table a cpf contribution rates for monthly wages exceeding 1 500 employee.

In such case employer has to pay administrative charges on the higher wages wages above 15000. Monthly contribution rate third schedule the latest contribution rate for employees and employers effective january 2019 salary wage can be referred in thethird schedule epf act 1991 employers are required to remit epf contributions based on this schedule. The move to reduce the statutory contribution rates follows the government s proposal during the tabling of budget 2019 on nov 2 2018 to help increase the take home pay for employees who continue to work after reaching age 60. The detailed changes new contribution rates are in blue percentage point increase is in brackets are as follows.

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 employee cpf contribution rates will also be increased by 0 5 percentage points for those aged above 50 to 55 years and above 55 to 60 years. Meanwhile the employees share of contribution for this age group is set at zero the epf said in a statement today.