- EPF: Employers must make contributions by the 15th of the following month. If contributions are made later than that, interest will be charged for late payment of contribution. The interest rate imposed is calculated based on the dividend rate declared by the EPF Board for each respective year with an additional one (1) per cent. The minimum interest imposed is RM 10. If the contribution is made later than the last day of the following month, there will be a dividend charge in addition to the interest. This dividend charge will be added to the employee’s EPF saving account.
- SOCSO: Contributions must be made by the 15th of the following month. If contributions are made later than that, a fine of 6% per annum for each day overdue will be charged. The minimum fine is RM 5, hence if the monthly fine is calculated to be less than RM5 it will be charged at RM 5 per month.
- PCB: Employers must remit payment on or before the 15th of the following month. If the 15th is a holiday, the deadline will be the last working day before the 15th. If employers fail to remit payment on time, they can be fined and/or imprisoned. The fine is a minimum of RM 200 and not more than RM 2,000 or 6 months imprisonment or both. If the tax and penalty imposed is not paid within 60 days from the date the penalty is imposed, a further penalty of 5% will be imposed on the amount still owing.
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This content is for informational purposes only and does not constitute professional advice. Always refer to the official websites/guidelines/regulations of the relevant authorities for detailed information and consult with a professional for personalized guidance.