There was a interesting read on the star about a week ago saying that 78% of Malaysians preferred have opted to the new EPF cut to 8%.
ONLY 22% or 1.23 million out of the 5.64 million Employees’ Provident Fund members chose to maintain their contribution rate at 11%, Berita Harian reported.
The daily quoted its public relations senior manager Nik Affendi Jaafar as saying that the rest of the 4.41 million contributors opted to reduce their contribution to 8%.
“Most of those who chose to maintain their contribution were those living in Kuala Lumpur, Selangor and Johor, with Selangor having the highest number,” he said.
The Government had announced the cut as a measure to boost consumer spending in light of the current global economic crisis although many groups had protested that this would affect the members’ savings.
It was rather interesting that only a fraction opted to keep their contribution at 11% considering numerous articles saying that the cut would mean that you end up paying more tax, if you fall under certain tax brackets.
Have you forgotten to fill up that form to keep your contribution at 11% or are Malaysians more content to have more coming out of our monthly paycheck. Short term measure which you could loose out in the long run,don’t you think so?
Looks like Malaysians are genuinely worried about the situation this year and want to have more in their pockets right now!! or were getting forgetful!
Did you forget or preferred 3% more in your bank account each month?
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