Employers must make contributions to the Employees Provident Fund (KWSP) for their employees. They can do this by deducting monthly contributions from their employees’ salaries and paying them to KWSP online or manually. Both employers and employees must follow the Contribution Table schedule, which sets out the rates of contribution that apply.
Jadual Caruman KWSP 2023 PDF in Malay
|PDF Title||Jadual Caruman KWSP 2023 PDF|
|File Size||2.05 MB|
- Employees’ contribution rate will increase from 9% to 11%. This means that employees will have to contribute an additional 2% of their monthly salary to KWSP.
- Employers’ contribution rate will remain unchanged for monthly salaries of RM5,000 and below. However, employers’ contribution rate will increase from 11% to 13% for monthly salaries of more than RM5,000.
- The cooling-off period will start from July 2023 and end on December 31, 2023. During this period, employees will only need to contribute 9% of their monthly salary to KWSP.
- The new rates will only apply to employees who are earning more than RM1,000 per month.
- Employees who are self-employed will also need to contribute to KWSP, but they will be able to choose their own contribution rate.