{"id":25612,"date":"2016-08-12T16:50:39","date_gmt":"2016-08-12T08:50:39","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=25612"},"modified":"2019-12-03T10:18:45","modified_gmt":"2019-12-03T02:18:45","slug":"half-of-epf-members-choose-to-contribute-only-8","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/half-of-epf-members-choose-to-contribute-only-8","title":{"rendered":"Half Of EPF Members Choose To Contribute Only 8%"},"content":{"rendered":"<p>According to Second Finance Minister Datuk Johari Abdul Ghani, 50% of the Employees\u2019 Provident Fund\u2019s (EPF) members have chosen the option to decrease their contribution rate from 11% to 8%.<\/p>\n<p>When this was first announced, <a href=\"https:\/\/www.imoney.my\/articles\/epf-contribution-rate-2016-8-or-11\" target=\"_blank\" rel=\"noopener noreferrer\">iMoney conducted a poll<\/a> and found 84% of the respondents opted to retain the 11% contribution rate.<\/p>\n<p>The 50% of members who opted to reduced their contribution rate to 8% has resulted in approximately RM4 billion of disposable cash among the employees to stimulate the economy. The 3% reduction in EPF contribution was aimed at increasing consumer spending.<\/p>\n<p>In February, EPF members were given the choice to retain the 11% EPF contribution rate by completing a \u201cNotice to Contribute More Than Statutory Rate\u201d which was available for print from EPF\u2019s official website <a href=\"http:\/\/www.kwsp.gov.my\/portal\/ms\/web\/kwsp\/home\" target=\"_blank\" rel=\"no follow noopener noreferrer\">www.kwsp.gov.my<\/a>. The completed notice was to be submitted to their respective employers before being sent to the nearest EPF branch.<\/p>\n<p><em>[<a href=\"http:\/\/www.thestar.com.my\/business\/business-news\/2016\/08\/09\/half-of-employees-opt-to-reduce-epf-contribution-to-8pc\/\" target=\"_blank\" rel=\"no follow noopener noreferrer\">Source<\/a>]<\/em><\/p>\n<h6><em>Image from mynewshub.cc<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>50% of EPF members opted to reduce their EPF contribution from 11% to 8%. <\/p>\n","protected":false},"author":39,"featured_media":25617,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[216,240],"tags":[340],"class_list":["post-25612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-updates","category-retirement-planning","tag-epf"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO 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