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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Dear Sir,
Can you quote me an example on the contribution by employer and employee for member who has reached 55 years old with salary of RM4000 and RM5000. I’m still confused with 6.5% which employer need to pay. How about employee contribution then?
Thank you.
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