EPF Provides Employer Contributions Advisory Services For Affected Businesses
Customised Plans Include Possibility of Restructuring Employer Contributions
KUALA LUMPUR, 27 March 2020: The Employees Provident Fund (EPF) is introducing its Employer Advisory Services (EAS) beginning 15 April 2020 to provide customised advisory support for employers, specifically with regards to the employers’ portion of EPF contributions during the current economic downturn.
This measure aims to assist employers to remain solvent amidst the COVID-19 pandemic so that they can continue providing and retaining jobs, supporting workers, and protecting livelihoods apart from alleviating some of the cash flow challenges faced by small and medium-sized enterprise (SME) employers. More importantly, the EAS is intended to help employers fulfill their obligation of paying for their portion of the EPF contributions.
Through the EAS, the EPF will assess the specific conditions of affected companies and offer customised plans on the EPF contributions schedule as provided under the EPF Act 1991. The measures may include restructuring of contribution schedules or staggering the payments for outstanding contributions.
The EAS effort is expected to benefit over 480,000 SMEs and other corporations and ensure job continuity for 7.6 million employees. The services will be expanded to include more comprehensive business and employer advisory services in the future.
Further information about the EAS will be published on the EPF website (www.kwsp.gov.my) very soon.
Issued by the EPF Media Desk
Corporate Affairs Department
27 March 2020
About the Employees Provident Fund (EPF)
The Employees Provident Fund (“EPF”) is one of the oldest retirement funds in the world. Established in 1951, the EPF is a social-security organisation focused on safeguarding member savings and delivering excellent services. In recent years, in line with its vision of helping members achieve a better future, the EPF has expanded its role to encompass the creation of a comprehensive social well-being ecosystem. Today, the EPF remains steadfast in its commitment to members through consistent efforts to update and improve itself, in order to build the foundation for sustainable, holistic and equitable well-being for all Malaysians.