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KUALA LUMPUR, 7 January 2019: The Employees Provident Fund (EPF) announces that the minimum Employers’ share of EPF statutory contribution rate for employees above age 60 who are liable to contribute will be reduced to four (4) per cent per month, while the Employees’ share of contribution rate will be zero per cent.
While contributions to the EPS portion of EPF stop after 58, you can continue contributing to the EPF corpus even after 60 as long as you are employed. Explore alternative options like VPF, SCSS, and NPS to boost your retirement savings and ensure financial security in your golden years.
As an employer, your responsibilities includes paying EPF contributions in respect of any person you have engaged to work under a Contract of Service or Apprenticeship. You have to ensure accurate monthly contributions are deducted from your employees’ salary and remitted to EPF.
Ans : Yes, the member has option to delay the pension beyond 58 years: 1) Member can opt for receiving pension after attaining 59 or 60 years of age but pension contribution stops after 58 years. In this scenario quantum of pension is increase by 4% per year beyond 58 years.
KUALA LUMPUR, 7 Januari 2019: Kumpulan Wang Simpanan Pekerja (KWSP) mengumumkan bahawa kadar minimum caruman berkanun syer Majikan untuk pekerja wajib mencarum yang berumur 60 tahun ke atas akan dikurangkan kepada empat (4) peratus sebulan, manakala kadar caruman syer Pekerja adalah kosong peratus.
Contribution is payable out of the employer’s share of PF and no contribution is payable by employee. Pension contribution not to be paid: When an employee crosses 58 years of age and is in service (EPS membership ceases on completion of 58 years). When an EPS pensioner is drawing Reduced Pension and re-joins as an employee.
EPF contribution table above 60 years old. The monthly contribution rates outlined in this section will remain applicable to the following Malaysian citizen employees who have reached 60 years of age: Due to the long list, we just provide the EPF contribution table for salaries from RM500 to RM1,500 only:
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. Meanwhile, the employees' share of contribution for this age group is set at zero, the EPF said in a statement today.
The minimum statutory contribution by employers to Malaysia's Employees Provident Fund (EPF) for employees aged above 60 will be reduced to 4% per month, down from the previous 6%. At the same time, the employees' share of minimum contribution rate has been reduced to 0%, down from the previous 5.5%.
Under EPF rules, Malaysian and permanent resident employees must contribute, with no minimum age. For Malaysians, employee contributions are payable up to the age of 60 and employer contributions up to the age of 75.