What are the rates for EPF?
The employees' monthly statutory contribution rate dropped from 11% to 8% for members below age 60 and 5.5% to 4% for those age 60 and above with effect from March 2016 until December 2017 salary. If you wish to continue to contribute at 11%, you will have to fill in form KWSP17A and submit to your nearest KWSP branch.
The employers' statutory contribution rates will remain unchanged, meaning either 13% for salaries below RM 5000 or 12% for salaries above RM 5000. The minimum rates of contribution (you may elect to contribute more, please click here to find out how) are as follows:
Employees aged under 60
Monthly salary of RM 5,000 or less:
- Employee contributes 8% or 11% of his monthly salary.
- Employer contributes an amount equivalent to ~13% of the employee's salary
Monthly salary greater than RM 5,000:
- Employee contributes 8% or 11% of his monthly salary.
- Employer contributes an amount equivalent to ~12% of the employee's salary
Employees aged 60 and above, up to 75 years old
Minimum contribution rates are halved, that is:
Monthly salary of RM 5,000 or less:
- Employee contributes 5.5% or 4% of his monthly salary.
- Employer contributes an amount equivalent to 6.5% of the employee's salary
Monthly salary greater than RM 5,000:
- Employee contributes 5.5% or 4% of his monthly salary.
- Employer contributes an amount equivalent to 6% of the employee's salary
Foreigners
Foreigners who opt to contribute to EPF have the same minimum monthly contributions as Malaysians, but their employers are only required to contribute RM 5 monthly but may opt to contribute more.
For more information about the EPF, click here.
Calculation of EPF may go wrong if you just merely use Excel!
I hit it myself before. Hence writing to share. GHOST_URL/are-you-calculating-epf-pcb-correctly/