KWSP Contribution Table 2023 PDF – Overview
KWSP Contribution Table 2023, contains information about the Employees’ Provision Fund and Other Provisions Act, 1952 established the Employees’ Provision Fund (EPF) as a pension benefit system. Only salaried people are eligible for this program. A certain amount of contribution is deducted from the employee’s salary and credited to his EPF account under the EPF scheme. The company also donates a part of the EPF accounts of the employees.
KWSP Contribution Table 2023 with complete information about the amount of wages for the month and rate of contribution for the month, Kswp is Employees’ Provident Fund is a federal statutory body under the purview of the Ministry of Finance. It manages the compulsory savings plan and retirement planning for private sector workers in Malaysia. Membership of the EPF is mandatory for Malaysian citizens employed in the private sector, and voluntary for non-Malaysian citizens.
KWSP Contribution Table 2023
KWSP Contribution Table 2023 PDF – Highlights
|Sr.No||Category||Percentage of contribution (%)|
|1||Employees Provident Fund||3.67|
|2||Employees’ Pension Scheme (EPS)||8.33|
|3||Employee’s Deposit Link Insurance Scheme (EDLIS)||0.5|
|4||EPF Admin Charges||1.1|
|5||EDLIS Admin Charges||0.01|
What is the formula for calculating interest on EPF
- Every six months, the federal government announces the interest rate to be paid (every fiscal year). The interest rate on EPF deposits has been 8.5 percent since 2012-13, 8.75 percent in 2013-14 and 8.75 percent in 2014-15.
- Interest is calculated as a percentage of the average monthly loan. EPF subscribers can get interest on their contribution and interest on their employer’s PF deposits.
- However, although the interest amount is calculated every month, the entire interest amount is credited only once per year. It is customary for credit distributions to take place at the end of March.
- The office follows a calendar year that runs from March to February.
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