The EPF is publicly managed and financed through contributions amounting to 23% of the employees' payroll. Of this, the employee contributes 11% and the employer 12%. Employers are obliged to contribute at least 12%, but can voluntarily pay a higher rate.
contribution rates alter when the employee reaches 55
employee is still liable for EPF contributions (and this continues to the age of 75
employer's share is reduced to 6%
employee's to 5.5%
multi-purpose savings fund that allows withdrawals to be made to finance housing, education and medical expenses.
can opt to withdraw part of their savings at any time.
EPF is tax deductible up to MYR 5,000
withdrawn when the account holder reaches the age of 55, becomes incapacitated or leaves the country
postponed by continuing contributions or by annually withdrawing the dividend on the savings.
Only 20% of the balance in excess of the basic savings amount could be invested
pproved investment institutions.
The EPF provides no compensate for any losses resulting from such investments.
guaranteed minimum return on EPF savings does not apply to savings transferred to external funds managers.
30% of monthly contributions
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