The National Provident Fund (FNPF) has announced that from January 1, 2023 the contribution rate for compulsory members will increase to 14 percent.
Employers are to pay seven percent while the employees will pay the other seven percent.
The current compulsory contribution rate is 12 percent (effective 1 January 2022 to 31 December 2022).
It is calculated as 12 percent of total wages earned – inclusive of cents.
Employers and employees contribute six percent each.
