GPMYS: Incorrect EPF Contribution Rate For Employee Reach 55 On 1-Feb-2018
(Doc ID 2471478.1)
Last updated on JULY 21, 2020
Applies to:PeopleSoft Enterprise HCM Global Payroll Malaysia - Version 9.2 and later
Information in this document applies to any platform.
According to the release note from EPF in 2013, employee reach 60 years old the contribution rate for employee and employer will be 5.5% and 6%/6.5% respectively, this inclusive of those who retired before 1 February 2008.
Current system still stayed at EPF old release with below calculation.
1) Reach 55 years old before 01/02/2008
a) Without withdrawal OR withdraw before 01/02/2008 => Rate remain 11% for employee contribution, and 12% or 13% for employer contribution
b) withdraw after 01/02/2008 => Rate reduce to 5.5% for employee contribution, and 6% or 6.5% for employer contribution
2) Reach 55 years old after 01/02/2008 and age >= 60 as of Period End Date => Rate reduce to 5.5% for employee contribution, and 6% or 6.5% for employer contribution.
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