EPF Board members can contribute up to RM60,000 per year!
According to the official website of the Employees Provident Fund Board (KWSP), members are allowed to contribute to their own provident fund, which means that they can choose to contribute to their own provident fund through their bank, regardless of whether they are a part-time worker or self-employed person.
If a wage earner’s employer contributes to the EPF every month, the wage earner can still choose to make additional EPF contributions if he or she is still earning a good income. Members are allowed to contribute up to RM60,000 per year.
It is important to note that the RM60,000 limit is for members’ own contributions and does not include contributions made by their employers on their behalf. The annual limit is RM60,000, which means a maximum of RM5,000 per month, and the member’s self-contributed EPF is also entitled to Dividend benefits.
In order to encourage members to contribute more to their EPF to prepare for their retirement, the i-Akaun APP launched by the Employees Provident Fund has also added the function of self-contribution to the EPF . Members can choose to make their own EPF contributions through i-Akaun. The system will update the payment status within 3 working days after the member has made a self contribution to the EPF .
In addition, if the member chooses to contribute more than 11% of EPF per month, the member can also fill in Borang KWSP 17A (AHL)/ KWSP 18A (AHL) and submit it to the employer for processing. The employer will assist in raising the amount to the Employees Provident Fund Board.
