On February 27, 2020, the Government of Malaysia announced a reduction in the minimum statutory contribution rate for employees from 11% to 7% to spur the economy impacted by the deadly coronavirus outbreak. The new rate will be effective starting April 1, 2020 until the end of the year and affects members below age 60. For those aged 60 and above, the employees’ share of the contribution rate will remain at 0%.
More information on this has been provided in our Position Statement which can be found at My Oracle Support, Document ID 2645132.1. We encourage our customers to review the position statement to keep up to date.