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The employees provident fund epf today announced that employers will from now make a minimum statutory contribution of 4 for employees above 60 years old against the present.
Epf employer contribution rate 2019 for age above 60. Kuala lumpur jan 7. The move to reduce the statutory contribution rates follows the government s proposal during the tabling of budget 2019 on nov 2 2018 to help increase the take home pay for employees who continue to work after reaching age 60. The employees provident fund epf yesterday announced that employers will from now make a minimum statutory contribution of four per cent for employees above 60 years old against. Rm562 50 rm563 rounded to the next ringgit.
The previous rates were at 6 and 5 5 respectively. The minimum employers share of the employees provident fund epf statutory contribution rate for employees aged 60 and above has been reduced to 4 per month. The minimum workers share of the employees provident fund epf contribution for those above 60 will be reduced to 4 per month will start with the january 2019 salary contribution. The employee cpf contribution rates will also be increased by 0 5 percentage points for those aged above 50 to 55 years and above 55 to 60 years.
The detailed changes new contribution rates are in blue percentage point increase is in brackets are as follows. 9 x rm1 000 rm90. 9 x rm6 250 rm562 50. Table a cpf contribution rates for monthly wages exceeding 1 500 employee.
The employee can pay at a higher rate and in such case employer is not under any obligation to pay at such higher rate. In such case employer has to pay administrative charges on the higher wages wages above 15000. New minimum statutory rate for employees above age 60 takes effect january 8 2019 blog 0 the employees provident fund epf announced that the minimum employers share of epf statutory contribution rate for employees above age 60 who are liable to contribute will be reduced to 4 per month while the employees share of contribution rate will be 0. Employees aged 60 and over with a salary of less than rm5 000.
The minimum employers share of contribution rate has been set at 4 per month while the employees share of contribution rate will be 0.
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