Thursday, January 28, 2016

EPF Contribution - 3% Reduction

EPF contribution by employees will be reduced by 3% under the revised Budget 2016. – The Malaysian Insider file pic, January 28, 2016.

Prime Minister Datuk Seri Najib Razak announced the following measures under Putrajaya's recalibration of Budget 2016
  1. EPF contributions by employees to be reduced by 3% (currently 11%) from March this year until December 2017. Contribution rate by employers, however, remains the same. Najib said the reduced contributions would boost spending by an estimated RM8 billion.
  2. Tax exemption of RM2,000 for Malaysians earning RM8,000 and below for the financial year of 2015, a move that would affect two million tax payers. -
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