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What is KWSP and EPF
The Employees' Provident Fund (EPF) is Malaysia's retirement benefits scheme, applicable to all employees working in private institutions. It was established under the Employees' Provident Fund Act 1991, providing employers with a convenient framework to fulfill their statutory and moral obligations to employees.
Employers and employees must contribute the required amounts to the employees' provident fund account based on the employees' monthly salaries. For employees with a monthly salary of 5,000 ringgit or below, their employers must contribute 13% of the employees' monthly salary; for employees with a monthly salary exceeding
Precautions
How much should employees and employers give for the Eight Immortals?
- Below Rm5000 = Employee 11%
- Above Rm5000 = Employee 11%
- Above Rm5000 = Employer 13%
- Above Rm5000 = Employer 12%
- Employees over 60 years old are different.
It must be completed within 15 days.
This is something that many business people often overlook. If you submit the employees' EPF for the previous month more than 15 days late, you will be fined. The calculation is done on a daily basis.
The free E-payroll system launched by KWSP
The system launched by KWSP is free, and every business must register. It can also handle other fees that need to be paid, such as SOCSO / EIS / PCB / HRDF.
At the same time, it will also automatically generate standard payslips.
Special! Special! Attention!
What should be given must be given. In today's developed world, employees are very clear about how to protect their rights.
KWSP will also approach employers, usually under what circumstances?
- Late payment of employee EPF
- Did not help employees with EPF contributions
- Employee filed a complaint with the relevant authorities.
- Former employees, not removed from the system
- There are still many.
Conzlab helps
Free consultation
By understanding the concerns of entrepreneurs, we can resolve issues in the fastest way possible. We provide free consultations via phone or video conference, so entrepreneurs clearly understand all the processes and methods.
24/7 Free WhatsApp Support Group
We believe that entrepreneurs will face many issues they don't know how to resolve with the government. The WhatsApp support group will be free for life, and entrepreneurs can seek support and solutions when they encounter problems
No more nonsense, Conzlab will first help you register the KWSP corporate account [e-payroll], to be submitted by the 15th of every month.If you don't know how to use the KSWP system, you can ask us in the WhatsApp group.
KWSP and EPF