Employee Above 60

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5 years 2 months ago #733 by Richard
Employee Above 60 was created by Richard
Hi,

I have an employee that is above 60 years old. According to the latest contribution rate from EPF, it has been reduced from 5.5% to 4%. However, in the system, the lowest I can select for the contribution is 5.5%. How can i calculate it to be 4%?

Thanks!

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5 years 2 months ago #734 by Kap-Chew
Replied by Kap-Chew on topic Employee Above 60
Hi Richard, I thought the lowest you may go is 5.5%? May I have the reference where it states that 4% is the minimum?

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5 years 2 months ago #737 by Richard
Replied by Richard on topic Employee Above 60
www.kwsp.gov.my/portal/en/employers/empl...on/contribution-rate

b) Members/employees above age 60
The reduction of contribution rate from 5.5% to 4% is subject to the amount of wage/salary as stipulated in Part C and part D of the Employees Provident Fund Order (Amendments to the Third Schedule) 2016, EPF Act 1991.

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5 years 2 months ago #742 by Kap-Chew
Replied by Kap-Chew on topic Employee Above 60
I see now, it's due to the latest 2016 amendment, I will work on this to provide support for it. Thanks again Richard ^^

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5 years 2 months ago #744 by Kap-Chew
Replied by Kap-Chew on topic Employee Above 60
Hi Richard,

4% of Employee EPF contribution rate has been added to both HR.my and Payroll.my, kindly check it out ^^

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