Some company policies have additional benefits for their employees where they can set custom rates for EPF contributions for both employer and employee.
Where you can set up the additional contribution rate?
Navigate to Employee Profile > Bank & Statutory(I) > KWSP(II) > Additional Employee / Employer Contribution (III)
How does Worksy calculate it?
As per the image above, let's assume that you have set 11.1% for your employee.
And assuming the EPF Base at the payroll review is, EPF Base = RM 8200
According to the 11% EPF Contribution Rate,
Employee Contribution = RM 902
Employer Contribution = RM984
The additional 0.1% will be calculated to the nearest RM1 as EPF requirement as shown below:
RM 8200 x 0.1 % ( 0.1 / 100 ) = 8.2 ==> RM 9 as the cents should be rounded to the nearest ringgit
Therefore,
RM 984 ( 13%) + RM 9 ( 0.1%) = RM 993
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