!!EPF rate reduction?
( Monday, December 01, 2008 )
did you guys read?, hoho,
I quote
"the reduction of the employees monthly statutory contribution rate from 11 per cent to 8 per cent, effective from January 2009 wage for a period of two years"
"Members of the Employees Provident Fund (EPF) who wish to maintain the employees monthly contribution rate at 11 per cent from January 2009"
from New Strait Times Online dated 1st December 2008
The keyword here, WISH, meaning it is optional, not compulsory, hehe, now we could see, if your company is making money, and still do the reduction, I'd say, they don't want you there.
See?, with the current rate, 11 per cent, out of RM100, you get RM11 monthly, that will sum up to 11 x 24, RM264 in two years.
The new rate, 8 per cent, out of RM100, you get RM8 monthly, that will sum up to 8 x 24, RM192 in two years.
There's 3 per cent difference, every month, for two years,
Take a 100, 3 per cent of a 100 is 3 rite?
3 times 12 equals to 36 rite? Then times it by two, it will be 72 rite?
Now, if you are being paid RM100 monthly, RM72 is the amount you will lose in two years if the reduction rate take place, get the picture yet?
Hmm, good news for those signing the cheque, bad news for those getting their cheque signed, heheh.