Thursday, December 4, 2008

EPF Contribution

As part of the plan of government to boost up Malaysia's economy, Deputy Prime Minister cum Minister of Finance announced a series of "Economy Booster Plans" on Nov'08.

One of the plans is to reduce the current EPF contribution of employee from 11% to 8%. A total reduction of 3%. Sounds great isn't it?

Even our Minister of Finance II thinks that this is a great move and majority of the EPF contributors would like it!

Link to news statement from Sinhew Jit Poh:

Modified dialogue, photo from Sinchew Jit Poh

So, our government decided to set 8% employee contribution rate as default for our monthly contribution. For those MINORITY that are stupid enough and do not want this EXTRA CASH. They have to fill in KWSP17A(AHL)-Khas form and submit backto KWSP before 1st of Jan'09 to remain the contribution rate to 11% per month.

FYI. The form is out for grabs on 1-Dec'08, you have exactly ONE month only to fill up and submit.

That's why so many MINORITY rushing to KWSP to fill up forms.

Link to news statement from Sinhew Jit Poh:

Photo from Sinchew Jit Poh

Doesn't look like minority to me, does it?

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