Zero EPF contribution for above 60-year-old workers

Employees who are above the age of 60 do not have to contribute to the Employees Provident Fund (EPF), while their employers’ portion have been reduced to 4% monthly.

The EPF in a statement said the new minimum statutory rates will start with the January 2019 salary/wage for the contribution month of February 2019.

The move to reduce the statutory contribution rates, the fund said is following the government’s Budget 2019 proposal last year to increase the take-home pay of employees who continue to work after the age of 60.

“The reduction in employers’ share to a minimum 4% would also encourage employment opportunities for workers above 60 years of age, thus ensuring the population above 60 years old to remain productive and active in the economy,” the fund said. — TMR