Epf Contribution table: Kwsp Rate & Percentage for employer & company in 2024
What is the meaning Employee Provident Fund contribution rate? The Employee Provident Fund (EPF) is a statutory body that plays a role in providing retirement benefits to individuals serving in the private sector and the non-pension government sector. It was established under the Ministry of Finance of Malaysia. The Employee Provident Act of 1991 obliges employers and employees to make EPF company contribution as savings funds for old days, which are one of the retirement benefits.
EPF contribution table % are a monthly payment of employee and employer income to the EPF Legislative Body.
This contribution in 2024 will be credited into the member’s savings account for future withdrawals. The EPF will ensure that the contributions of the EPF members are secure and used for investment to generate the country’s economy.
An efficient system is provided by the EPF percentage to make it easier for every employee and employer to contribute their contribution % percentage to an “i-Akaun”.
What Is EPF Contribution Table Rate For Employer & Company in 2024
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This EPF contribution rate 2024 % is an obligation to be carried out by all workers and employers in Malaysia, especially individuals who serve in the private sector.
By April, the contribution malaysia rate in 2024 to be performed by contributors for the year as follows:
- STAGE 1: Below 60 Years old
- STAGE 2: Age 60 And above
| STATUS | SALARY | STAGE 1 | STAGE 2 |
|---|---|---|---|
| Malaysian Permanent Residents (PR) Non-Malaysians (registered as member before 1 August 1998) | No limit | Applicable for (i) only Employees share: 0% Employer’s share: 4% | |
| RM5,000 and below | Employees share: 11% Employer’s share: 13% | Applicable for (ii) and (iii) only Employees share: 5.5% Employer’s share: 6.5% | |
| More than RM5,000 | Employees share: 11% Employer’s share: 12% | Applicable for (ii) and (iii) only Employees share: 5.5% Employer’s share: 6% | |
| Non-Malaysians (registered as member from 1 August 1998) | No limit | Employees share: 11% Employer’s share: RM5.00 | Employees share: 5.5% Employer’s share: RM5.00 |
How Much Is The Company EPF Contribution Malaysia 2024 By Salary
Employers and employees can also refer to the Monthly Contribution Rate (Third Schedule) at https://www.kwsp.gov.my to find out the rate of disbursement to be paid based on income generated each month.
Here’s the list of kwsp contribution table that need to be made according to the average monthly salary rate:
| SALARY | EMPLOYER EPF CONTRIBUTION MALAYSIA | EPF EMPLOYER CONTRIBUTION 2024 | AVERAGE MONTHLY CONTRIBUTION |
|---|---|---|---|
| RM1000 | RM130 | RM90 | RM220 |
| RM1200 | RM156 | RM108 | RM264 |
| RM1500 | RM195 | RM135 | RM330 |
| RM2000 | RM260 | RM180 | RM440 |
| RM2500 | RM325 | RM225 | RM550 |
| RM3000 | RM390 | RM270 | RM660 |
| RM3500 | RM455 | RM315 | RM770 |
| RM4000 | RM520 | RM360 | RM880 |
| RM4500 | RM585 | RM405 | RM990 |
| RM5000 | RM650 | RM450 | RM1100 |
| RM6000 | RM720 | RM540 | RM1260 |
How To Contribute To EPF Each Month
Every month, the employer is obliged to make contributions for himself and his employees. The contribution 2024 charged by EPF is 13% for employers and 11% for employees percentage.
This must be done before or on the 15th of each month in order to avoid any penalty from the EPF.
Employers can make monthly contributions through the “i-Akaun”. In the i-Akaun, the employer must select “Caruman” to make contributions.
Employers must choose the month of contribution they want to make to avoid any delays and penalties imposed by the EPF.
After clicking on the “Next” button, the employer must fill in the employee details and make payment for the contribution in that month and the following month (if necessary).
All contribution data can be accessed in this “i-Akaun” system as a reference.
How To Check EPF Employer Contribution % Percentage
Each EPF member will have two (2) accounts, namely Account 1 and Account 2. Contribution 2024 performed by EPF members will be credited to both accounts.
EPF members can check their monthly contributions through the official portal of i-Akaun (Ahli) and i-Akaun (Majikan).
Therefore, these contributions will be displayed in the EPF’s contribution statement. A review of contribution 2024 on a monthly basis can be done online by looking at the statement.
This statement can be accessed online through the i-Akaun portal. Contribution transactions and withdrawals of contributions will be recorded in the statement. Figure 2.0 shows an example of the EPF member contribution statement.
Here are ways for employees or employers to log in to the i-Akaun account to find out their monthly contribution rate as an EPF member;
- Log in to the i-Akaun.
- Click on the “Akaun Peribadi” or “Penyata Caruman” section.
- Then, click on the “Current Contributions” section to find out the monthly contribution amount.
- Finally, the EPF schedule contribution list is displayed.
FAQ
1. What Is The Maximum Employee Contribution malaysia in 2024
The maximum limit of employee EPF table 2024 contribution is RM100,000 per year accumulated in the EPF member’s account.
It cannot exceed that amount for each member. This limit has been set by the EPF in relation to the employee’s contributions.
2. What Is The Minimum Kwsp Company Contribution In Malaysia
The minimum kwsp company contribution in Malaysia for epf employee contribution is 11% regardless of the monthly income of the employee, whereas epf employer contribution, the contribution rate is 12% and 13%, respectively, according to their employee’s monthly salary.
However, this kwsp schedule contribution is only subject to a minimum wage of RM1,100.
Individuals who receive a salary below RM1,100 are not required to make contributions, but it is highly encouraged to do so.
3. Can I Still Contribute To EPF After 60 Years Old
Employees can choose to continue making contributions even if they are over 60 years old.
This contribution can continue until members reach the age of 75.
The contribution malaysia rate varies depending on the age of the members and the salary rate at age 60 and above.
The contribution of employees aged 60 and over ranges epf percentage from 3% to 6% based on their salary.
4. Malaysia Kwsp Contribution for Age 75
The maximum age of a contributor who wants to make contribution is 75 years old. EPF members are forbidden to make contributions at the age of 75 and above.
Nevertheless, these 75-year-old contributors can still keep their money in their EPF accounts even without making any withdrawals.
What Happens To EPF After Leaving Job
The EPF account will remain active if the contributor continues to perform monthly contributions, either by the employer or the employee themselves.
Thus, an EPF account will remain available if and only if the employee resigns from his or her job as long as he or she does not reach the retirement age, i.e., at the age of 60 years or over.
However, if an individual has stopped working and has stopped making EPF contributions malaysia for more than three (3) consecutive years, their account will become inoperative, irrespective of their retirement age.
Member accounts will also not earn any interest after 3 years of not making any contributions.
Do I Need To Inform Epf If Staff Resign
It’s normal for a company to hire and terminate employees. Nevertheless, employers must notify the EPF about their workers’ dismissals, either temporarily or permanently.
This is intended to avoid employers being penalized for delays or defaults in making monthly contributions.
This notice is to allow the EPF to update and cancel the employer reference number if the employer no longer hires the employee.
This notification can be made by the employer through e-mail or a letter stating the resignation of the staff.