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EPF (Employees Provident Fund) Provident Fund

Updated: Apr 1

EPF (Employees Provident Fund) Provident Fund

The Employees' Provident Fund (EPF) is a social security scheme in Malaysia. It was established in 1951 to provide retirement benefits to employees in the private sector. The EPF is a mandatory scheme for all employees who are employed under a contract of service, aged 16 and above, and earning RM50 and above per month.

The EPF contribution rate is 11% of the employee's monthly salary, with 9% deducted from the employee's salary and 2% paid by the employer. The contributions are invested in a diversified portfolio of assets, such as stocks, bonds, and real estate.

Members can withdraw their EPF savings upon reaching retirement age, which is 55 for men and 50 for women. Members can also make withdrawals for certain purposes, such as housing, education, and medical expenses.

The EPF is a valuable source of retirement income for millions of Malaysians. It is a well-managed and financially sound organization that has a long track record of providing good returns on members' investments.

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Bestar, a leading corporate services provider in Malaysia, offers a comprehensive range of services that can help businesses of all sizes in the country thrive and succeed. Whether you're a startup just getting started or an established multinational corporation, Bestar's expertise and experience can be invaluable in navigating the complexities of the Malaysian business landscape.

Here are some specific ways in which Bestar can help businesses in Malaysia:

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By leveraging Bestar's comprehensive range of services, businesses in Malaysia can gain access to valuable expertise, streamline their operations, and focus on their core business activities. Bestar's commitment to providing high-quality, personalized services makes them a trusted partner for businesses of all sizes in Malaysia. Contact Bestar today!

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