Women returning to work after a minimum of 2 years away from the work force will enjoy tax exemption on their income for up to 12 consecutive months. This will be effective for assessment years 2018 to 2020. Applications for tax exemptions will have to be submitted to TalentCorp Malaysia. Eligibility Criteria To qualify for…
Personal tax rates reduced Personal tax rates for individuals earning less than RM9,000.00 per month or annual chargeable income of between RM20,001.00 and RM70,000.00 will be reduced by 2% for year of assessment 2018. Chargeable Income Current (Y/A 2016) Proposed 20,001 – 35,000 5% 3% 35,001 – 50,000 10% 8% 50,001 – 70,000 16% 14%…
Annual leave Minimum paid annual leave entitlement Number of years in employment Entitlement Less than 2 years 8 days More than 2 but less than 5 years 12 days Over 5 years 16 days Sick leave Minimum paid sick leave entitlement Number of years in employment Entitlement Less than 2 years 14 days More than…
Taxpayers with employment income have until 15th May 2012, whereas those with business income have until July 15th 2012. However, those submitting tax returns in the conventional way will have to submit by 30th April 2012 for employment income and 30th June 2012 for those with business income.
From January 2012, the Employers contribution for employees earning RM5,000.00 or less has been increased from 12% to 13%. Employees contributions remain at 11%, no change to the existing rate. Total monthly contribution to EPF would now be 24%, made up of 13% Employer contribution and 11% Employee contribution. For employees aged 55 and above,…
Prime Minister Datuk Seri Najib Tun Razak announced an allocation of RM70 million to SOCSO for financial benefit payments that is said will benefit about 6.5 million private sector employees. Under this Employment Insurance Scheme (EIS) or Sistem Insurans Pekerjaan (SIP), employees will get temporary financial assistance to support themselves while they look for employment. This…
The Employees’ Social Security (Amendment) Act 2015, tentatively due to come into force from 1st July 2016, increases the mandatory contribution from a monthly salary of RM3,000.00 to RM4,000.00. The maximum contributions by the employer and employee will also increase as follows: Employers from RM51.65 to RM69.15 Employees from RM14.75 to RM19.75
KWSP has made available the schedule of EPF contributions payable under the revised Employee contribution rate of 8% which is effective from March 2016. The schedule can be downloaded from here. Employers will continue to contribute 13%. Notis KWSP 17A Khas 2016 This is for employees who prefer to continue contributing 11% instead of the…
SOCSO Contributions Mandatory salary bracket for contribution to SOCSO raised from RM3,000.00 to RM4,000.00 Minimum wage West MalaysiaFrom RM900.00 to RM1,000.00 East MalaysiaFrom RM800.00 to RM920.00 Read more… Income tax – Personal reliefs Spouse reliefFrom RM3,000.00 to RM4,000.00 for those with spouse not working. ParentsRM1,500.00 for those with parents as dependents. ChildrenRM8,000.00 for children above…
Overtime is the number of hours an employee works in excess of normal hours of work per day. The total hours of overtime is limited to 104 hours per month excluding rest days and public holidays. Rates for overtime payment are as follows: Normal days : 1.5 times the hourly rate for each hour Rest…