Malaysia's 929.6 billion ringgit ($228.3 billion) Employees Provident Fund, Kuala Lumpur, will extend reductions in employees' statutory contribution rate through 2021 to help its more than 14 million participants cope with the coronavirus fallout.
A reduction in contribution was introduced this year at the height of the global economic uncertainty resulting from the COVID-19 pandemic.
Employees' share of the system's statutory contribution rate will be reduced to 9% of their monthly salaries from 11% for January through December 2021, a Nov. 28 news release said.
"Members who wish to maintain the contribution rate" at 11% may apply to do so, it said.
The 9% rate for 2021 will actually be an increase from the 7% contribution rate the EPF put in place in late February as an economic emergency measure for the period between April and December this year.