Onwards January 2012, employers have to contribute 13% of Employer Provident Fund (EPF) contribution for all employees salary RM5000 and below. This was announced in “Belajawan 2012″ by our Prime Minister this year.
Previously employer contributed 12% as per their side contribution to employees. For employees contribution there is no any amendment and stays at 11%. For employees aged 55 and above with salary below than RM5000, they will enjoy an increment in their employers contribution to 6.5% which previously was 6.0%. Employees will still contribute 5.5% EPF contribution.
The main objective on the increment is to increase the saving for their olden days. Hope they make use wisely of the savings.
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