EPF Rate | EPF Table | EPF 2021 | EPF Contribution Rate | EPF Calculator
Find Out Latest EPF Rate | EPF 2021 | EPF Contribution Rate, Use EPF Calculator to find out the ACCURATE contribution to AVOID PENALTY.
The Employee Provident Fund EPF calculator will help you calculate the amount of money you will save when you retire. Now you can Calculate your salary, EPF rate, EPF 2021, PCB, and other income tax amounts online with a free EPF calculator. Gain peace of mind as our EPF table, PCB calculation and EPF contribution rates are updated and accurate (as of EPF 2021). For Malaysia Residents, Non-Residents, Returning Expert Program and Knowledge Workers.
Calculate your salary, EPF 2021, PCB and other income tax amount online with this free EPF calculator and EPF table. Get peace of mind as EPF fee calculation and EPF contribution rate are updated and accurate (as of 2020). For Malaysians, non-residents, returning experts and professionals.
The Recent Announcement of EPF
During the presentation of Budget 2021, Minister of Finance Tengku Zafrul Aziz stated that the minimum rate of employee contribution for Employee Provident Fund (EPF) will be set at 9% starting January 2021 known as (EPF 2021) for a period of 12 months.
According to the Minister of Finance, this initiative is being introduced with the aim of increasing the wages received by members of the EPF. The cost of this initiative is estimated at approximately RM9.3 billion.
In the previous years, the statutory employee contribution rate was set at 11% for EPF members under the age of 60. Then, this year in February 2020, this rate was lowered to 7% for the period from April 1 to December 31, 2020, as part of the Economic Stimulus Package. So next in January 2021, EPF members will contribute.
Tengku Zafrul Aziz also announced also stated in addition to changing the contribution rate, the government will allow withdrawing funds to targeted EPF members from their EPF Akaun 1 next year.
Calculation for Bonus Tax:
When using PCB or EPF table, the estimated monthly tax amount is deducted from your salary. Your employer pays this amount to the LHDN by the 10th of each month. For accurate calculation of EPF contribution rate the bonus tax of employees, you need to enter the monthly salary of employees, even if the Bonus is paid on a different day. This EPF table will determine the exact calculation for bonus and salary tax in the payroll. After that, you can deduct the tax from the monthly salary component to receive tax on bonuses only. If you wish to calculate Bonus only, you can select “Bonus Only”, that you will get results of the bonus component only.
Bonus: After-Tax Valuation
It is estimated that around 16% of your Bonus will go towards taxes and 11% towards deductions from the EPF rate.
This way, you only take home 73% of your Bonus. For example, a bonus of RM10,000. Actual return home: RM7,300.
- Deduction for individuals – RM9,000
- Deduction for husband or wife – 4000 (if the spouse does not work)
- Deduction of Zakat (Muslim Only)
- Withholding per child – RM2,000 per child (only required once per child if both parents are working). For example, if both husband and wife work and have three children. Husband, two children and wife, one child deduction.
- Contribution to EPF rate or other approved scheme – RM 6000
- Higher education or any other approved deductions
KWSP – EPF Contribution Rates:
EPF contribution rate shown in the EPF table does not apply to foreigners registered as EPF members before August 1, 1998.
Please note that the EPF contribution rate and the amount must be calculated by EPF calculator and EPF table based on the contribution rate specified in the Third Schedule of the 1991 EPF Act, instead of using an exact percentage calculation, except for salaries in excess of RM20,000. The monthly wages of Malaysians aged 60 and over and non-Malaysians of any age do not affect the employer’s EPF contribution rate. Effective from April 2020 salary/wage up to December 2020 (May 2020 contribution month up to January 2021).
As a rule, all payments intended for payment of wages are taken into account while calculation EPF 2021 when calculating the amount of monthly contributions by EPF calculator.
Salary including SOCSO Contribution:
All remuneration or salary mentioned below and paid to staff/employees are subject to SOCSO contributions:
- Wages/salaries (full/part-time, monthly/hourly)
- Service fee
- Overtime pay
- Paid leave (annual, sick leave, maternity leave, days off, holidays)
Calculation of the Annual Income Tax for 2021:
If you want to check the entire tax amount for EPF 2021, no hard and fast calculation is needed. You just simply enter your estimated 2011 annual income in the Bonus field (leave the Salary field blank) and enter any allowable deductions for the current year to calculate the total tax for the current year.
This is why at QNE Cloud Payroll & HR, we have developed a Malaysian Personal Income Tax Calculator and EPF table to save time and calculate taxes in an easier and more efficient way. The good news is you can apply for 60 days free subscription without a credit card and overwhelming.
With our Malaysian Personal Income Tax, EPF calculator, EPF table you can quickly estimate the tax payable and accurately predict the amount of income tax, EPF 2021 contribution rate to know how much you can get back and how much you actually owe on your tax return.
QNE Cloud Payroll & HR understands the difficulties of filing personal income tax returns. Should you need further assistance after using our income tax calculator, our team of professional tax accountants is on hand to help.
Also, as part of our support to MDEC #DIGITALVSCOVID campaign to mitigate the impact of the pandemic on economy, QNE Software is providing 60 Days Free Payroll Software Subscription for the first 100 SMEs, You can calculate and generate a more accurate income tax PCB using Free Cloud Payroll Software here.
Claim Your RM5,000 SME Digitalization Grant << Click