Employees Provident Fund (EPF) members will be able to benefit from the three percentage point reduction of their monthly contribution rate from January 2009.
In a statement yesterday, EPF said the reduction of the employees’ contribution from 11% to 8% would be made automatically for the ease of members and to facilitate implementation measures.
“This arrangement will be implemented until the December 2010 wage.” However, members who wish to maintain their 11% contribution rate can still do so by filling up Form KWSP 17A (AHL) and handing it to their employers for submission to EPF.
Finance Minister and Deputy Prime Minister Datuk Seri Najib Tun Razak announced recently that members could reduce their monthly contributions from 11% to 8% to give them more disposable income. The announcement was part of a stimulus package to help boost economic growth.
“The decision to reduce members’ statutory contribution rate was taken twice before in 2001 and in 2003 as part of economic stimulus packages,” said Nik Affendi.
EPF would be issuing a new monthly contributions schedule accordingly, he said. “Members and employers may obtain the new schedule and Form KWSP 17A (AHL) from all EPF branches or download them from our website at www.kwsp.gov.my from Dec 1 onwards,” he added.
View Points of Chinese
1. A waste of time to fill up form.
2. 3% is a small money.. don't bother with it.
3. Stupid policy as it does not help to boost economy.
View Points of Malay and Low Income Group
1. It will help to increase the disposable income, means more $$ in your pocket (although its little, but means a lot).
2. The employer contribution still the same, means u don't lose anything.
3. It was expected a big sum of $$ will go to local market consumption (boost local business operation).
1 comment:
haha, good!
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