KWSP Contribution Table 2022 PDF

KWSP Contribution Table 2022 PDF Details
PDF Name	KWSP Contribution Table 2022 PDF
No. of Pages	92
PDF Size	1.36 MB
Language	English
Category	English
Source	kwsp.gov.my
Download Link	Available ✔
Downloads	17

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KWSP Contribution Table 2022

Here in this post,  we are going to present KWSP Contribution Table 2022 PDF. The Employees’ Provision Fund and Other Provisions Act, 1952 established the Employees’ Provision Fund (EPF) as a pension benefit system. Only salaried people are eligible for this program. As mentioned above, a certain amount of contribution is deducted from the employee’s salary and credited to his EPF account under the EPF scheme. The company also donates a part of the EPF accounts of the employees.

A meeting of the Central Board of Trustees on EPF interest rate will be held next month to decide the interest rate on deposits for the next two years in the Employees’ Provident Fund. National Pension System (NPS) contributions made by their employer, the state government, will be eligible for a 14 percent tax deduction for state government employees starting in the financial year 2022-23.

KWSP Contribution Table 2022 PDF – Highlights

Sr.No	Category	Percentage of contribution (%)
1	Employees Provident Fund	3.67
2	Employees’ Pension Scheme (EPS)	8.33
3	Employee’s Deposit Link Insurance Scheme (EDLIS)	0.5
4	EPF Admin Charges	1.1
5	EDLIS Admin Charges	0.01

When an employee retires, they get a lump sum payment from EPF, which includes the employee’s contribution, employer’s contribution, and interest amount paid every year. The government changes the interest rate on EPF accounts every month. The interest rate that has been announced for the financial year 2019-20 is 8.5 percent. The Employees’ Provident Fund Organization (EPFO) will hold its CBT meeting in March in Guwahati, where the proposed EPF interest rate for 2021-22 will be discussed as it is the end of the financial year. Union Labor Minister Bhupendra Yadav said, “The CBT, to fix the interest rate for 2021-22, for the Employees’ Provident Fund Organization (EPFO) is to be held in Guwahati in March.

What is the formula for calculating interest on EPF?

• Every six months, the federal government announces the interest rate to be paid (every fiscal year). The interest rate on EPF deposits has been 8.5 percent since 2012-13, 8.75 percent in 2013-14 and 8.75 percent in 2014-15.
• Interest is calculated as a percentage of the average monthly loan. EPF subscribers can get interest on their contribution and interest on their employer’s PF deposits.
• However, although the interest amount is calculated every month, the entire interest amount is credited only once per year. It is customary for credit distributions to take place at the end of March.
• The office follows a calendar year that runs from March to February.

EPF Tax Benefits

Employees who contribute to their PF accounts are eligible for tax benefits under Section 80C of the Indian Income Tax Act, 1961. This benefit can be availed in PF account up to a maximum of Rs. Available for contribution. 1 Lac. If you contribute to an Employees’ Provident Fund account for five years, you will not be eligible to claim tax deduction for what you have put in. Alternatively, if you withdraw your PF contribution before the lapse of five years and your EPF contribution was less for a period of more than five years, income tax will be deducted at the point of withdrawal.

EPF Objectives

• Each employee needs to be provided with a single EPF account.
• As much as possible, compliance should be simplified.
• Make sure that the organizations follow all the rules and regulations set up by the EPF.
• It is necessary to ensure dependability of online services while enhancing their facilities.
• All member accounts must be accessible online.
• The time taken for resolving claims will be reduced from 20 days to three days.
• Promoting and promoting voluntary compliance are two important goals.

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