× General topics related to statutory, employee management and etc.

EPF Contribution for 60 years and above

More
5 years 11 months ago #203 by Ben
Hi,

In HR.MY, how do I select half of the statutory contribution rates for both employees and employers?

Thanks

Please Log in or Create an account to join the conversation.

More
5 years 11 months ago #204 by Kap-Chew
Hi Ben, can you use an example to illustrate your question, I don't really understand you here.

Please Log in or Create an account to join the conversation.

More
5 years 11 months ago #205 by Ben
The EPF contribution for 60 and above is 6.5% & 5.5%, but there is no option for that!

Please Log in or Create an account to join the conversation.

More
5 years 11 months ago #206 by Kap-Chew
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.

Please Log in or Create an account to join the conversation.

More
5 years 11 months ago #207 by Ben
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.

Please Log in or Create an account to join the conversation.

More
5 years 11 months ago #208 by Kap-Chew
Hi Ben, I have just updated the Salary Calculator to support for half contribution rate, please try again :)

Please Log in or Create an account to join the conversation.

Time to create page: 0.048 seconds
Powered by Kunena Forum