Members are permitted to contribute more than 11% of the EPF every month.
Every month, members are permitted to overpay the provident fund.
Salary employees are permitted to overpay the provident fund each month, according to the KWSP official website. The Borang KWSP 17A (AHL)/KWSP 18A (AHL) form can be filled out by members and given to the employer for further processing.
Members currently pay 11% of their salaries each month toward their provident fund, but they have the option to pay 13 %, 15 percent, or even 20%. Members who contribute more to the provident fund will benefit from higher interest rates and larger pensions when they retire.
Additionally, companies have the option to voluntarily contribute extra EPF for their workers. Currently, members who make less than RM5,000 per month must pay 13 % for them, and members who make more than RM5,000 per month must pay 12 %.
Many individuals believe that EPF withdrawals are only possible following retirement. In fact, under some conditions, members are permitted to withdraw money before turning 55. For instance, asking for a withdrawal to pay off a mortgage, buying a house, paying down a mortgage, paying for medical expenses, etc.
Additionally, in 5 circumstances—age 55 or 60, persistent handicap, international travel, and death—members are permitted to withdraw completely.
