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EPF Contribution for 60 years and above
9 years 1 month ago #203
by Ben
EPF Contribution for 60 years and above was created by Ben
Hi,
In HR.MY, how do I select half of the statutory contribution rates for both employees and employers?
Thanks
In HR.MY, how do I select half of the statutory contribution rates for both employees and employers?
Thanks
9 years 1 month ago #204
by Kap-Chew
Replied by Kap-Chew on topic EPF Contribution for 60 years and above
Hi Ben, can you use an example to illustrate your question, I don't really understand you here.
9 years 1 month ago #205
by Ben
Replied by Ben on topic EPF Contribution for 60 years and above
The EPF contribution for 60 and above is 6.5% & 5.5%, but there is no option for that!
9 years 1 month ago #206
by Kap-Chew
Replied by Kap-Chew on topic EPF Contribution for 60 years and above
Hi Ben, do you mean Employer = 6.5% and Employee = 5.5%?
Other than this, is there any other rates? I am thinking of fixing this at one go.
Other than this, is there any other rates? I am thinking of fixing this at one go.
9 years 1 month ago #207
by Ben
Replied by Ben on topic EPF Contribution for 60 years and above
Copied from KWSP web site.
Contribution Rate
The EPF's new contribution rate in line with the minimum retirement aged of 60 years will be effective from August 2013 salary/wage (September 2013 contribution).
The two categories of employees that will be affected with the new change are as follows:
a. Employees aged less than 60 years
Cumulative statutory contribution rate of 24% (13% employer's share and 11% employee's share) for employees earning a monthly salary / wage of RM5,000.00 and below and cumulative statutory contribution rate of 23% (12% employer's share and 11% employee's share) for employees earning a monthly salary / wage above RM5,000.00
For both wage categories (a) and (b) above, coverage has been extended from age 55 to 60 years; subject to the salary/wage in Part A, Third Schedule, EPF Act 1991.
b. Employees aged 60 years and above, up to 75 years
Cumulative contribution rate for those aged between 60-75 years, is half (50%) of the statutory contribution rates for both employees and employers stipulated above; subject to the salary / wage in Part C, Third Schedule, EPF Act 1991.
Contribution Rate
The EPF's new contribution rate in line with the minimum retirement aged of 60 years will be effective from August 2013 salary/wage (September 2013 contribution).
The two categories of employees that will be affected with the new change are as follows:
a. Employees aged less than 60 years
Cumulative statutory contribution rate of 24% (13% employer's share and 11% employee's share) for employees earning a monthly salary / wage of RM5,000.00 and below and cumulative statutory contribution rate of 23% (12% employer's share and 11% employee's share) for employees earning a monthly salary / wage above RM5,000.00
For both wage categories (a) and (b) above, coverage has been extended from age 55 to 60 years; subject to the salary/wage in Part A, Third Schedule, EPF Act 1991.
b. Employees aged 60 years and above, up to 75 years
Cumulative contribution rate for those aged between 60-75 years, is half (50%) of the statutory contribution rates for both employees and employers stipulated above; subject to the salary / wage in Part C, Third Schedule, EPF Act 1991.
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