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EPF caps voluntary contributions at RM60,000 per year

KUALA LUMPUR, Nov 28 ― The Employees Provident Fund (EPF) is capping all voluntary contributions, including those under the 1Malaysia Retirement Savings Scheme, to RM60,000 a year effective Jan 1.

“Voluntary contributions in the context of the EPF refer to contributions made by those who are self-employed, owners of sole proprietorships, business partners or those without a fixed monthly income including housewives,” EPF deputy chief executive officer for operations Datuk Ibrahim Taib said in a statement today.

“While participants can contribute a minimum of RM50 a month, effective Jan 1, 2013, the maximum that can be contributed under voluntary contributions in a year is RM60,000,” he added.

Contribution payments can be made via cash or cheque using the KWSP 6A(1) form for voluntary contributions and KWSP 6A(2) form for the 1Malaysia Retirement Savings Scheme.

Both forms are available at the nearest EPF branch or can be downloaded from the myEPF website at www.kwsp.gov.my.

More information can be obtained from the nearest EPF branch or by contacting the EPF Call Centre at 03-8922 6000 or log on to the myEPF website. ― Bernama

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