Employer Epf Contribution Rate

Employer s contribution to epf is 10 or 12. Effective from january 2018 the employees monthly statutory contribution rates will be reverted from the current 8 to the original 11 for employees below the age of 60 and from 4 to 5 5 for those aged 60 and above. May 20 june 20 july 20.

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For the exact contribution amount refer to the contribution schedule jadual or head over to the epf contribution website.

Employer epf contribution rate. Your employer can contribute 12 to your epf account if it is included in your ctc. 01 04 2017 10 rate is applicable for any establishment in which less than 20 employees are employed. There is no limit of 15000 minimum pf admin charges are 500 per month for all employees. However if the employee wants to contribute more than 12 percent of the basic salary then he she can do so.

An overview of announcement by honorable finance minister nirmala sitharaman on wednesday 13 05 2020 regarding epf contribution by which epf contribution was reduced for employers and employees for 3 months to 10 from 12 for all establishments covered by epfo for next 3 months i e. You will receive interest at the rate of 8 65 on epf. Ref contribution rate section e rm5 000 and below. The employees provident fund organisation epfo via its official twitter handle released a set of faqs related to the announcement reduction of epf contributionfrom 12 per cent to 10 per cent for both employers and employees.

Whereas employer contribution to epf will be 3 67 of rs 15000. Both parties must make epf contributions you contribute 12 of your basic salary towards epf. Employees generally contribute only 12 percent of their basic salary towards the employee provident fund epf. Employees who receive wages salary exceeding rm5 000 the employee s contribution of 11 remains while the employer s contribution is 12.

But employer contribution cannot be more than the amount mentioned among the 3 methods. You should note that employee contribution of 12 is mandatory. Present rates of contribution by contribution accounts administration accounts epf edlieps employee 12 10 0 0 0 0 employer difference of ee share and pension contribution 8 33 0 5 0 50. 13 ref contribution rate section a applicable for ii and iii only employees share.

Whole amount is recovered on retirement of employee or as pension. For employees who receive wages salary of rm5 000 and below the portion of employee s contribution is 11 of their monthly salary. 12 ref contribution rate section a. Under epf scheme an employee has to pay a certain contribution towards the scheme and an equal contribution is paid by the employer.

It is 0 5 epf wages. Employee contribution can be increased to 100 per cent of basic da depending on his her convenience. Employee can increase his contribution as he want. Epf contribution rate reduction for may 2020 to july 2020.

6 5 ref contribution rate section c more than rm5 000. To cover salary and office expenses of pf department pf admin charges are also recovered from the employer.