The statutory contribution rate for employee will go down from 11% to 7%. The new rate which, will be in effect from April 2020 (May 2020’s contribution) until December 2020 (January 2021’s contribution) , is in line with the Government’s announcement on the 2020 Economic Stimulus Package 2020 on Feb 27.
The new statutory contribution rate for employees applies to those below 60 years old who are liable for contribution. The statutory contribution rate for employees aged 60 years old and above however, remains unchanged.
To learn on how to change this rate for AutoCount Payroll Cloud click here.