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EPF should do more for SMEs
Dato NK Jasani, Country Managing Partner of Grant Thornton Malaysia PLT comments:
KUALA LUMPUR, 9 April 2020: The enhanced measures announced by the Prime Minister on 6th April are most appreciated and will provide much needed relief to the Small and Medium Enterprises (SMEs).
Malaysian businesses – both big and small - are severely impacted by the double whammy arising from curtailed operations during the Movement Control Order and the downward spiraling economy worldwide.
Employees Provident Fund (EPF or KWSP) is one Authority which could and should do more for the SMEs and the overall Malaysian Corporate Sector.
EPF had reduced the Employee’s contribution from 11% to 7% for six months. Additionally, it allows Employees to withdraw RM500 per month from their own savings.
However, the above measures do not at all help SMEs’ very tight cashflow. EPF had stated that they will assess the specific conditions of the affected companies under its Employer Advisory Services (EAS). EPF had mentioned it could, on case-by-case basis, offer staggered payments for outstanding contributions.
Unfortunately, Employers will then find themselves having to make deferred payments as well as the current payments together later. This represents double payment in the context of cashflow during a time of protracted economic recovery. In essence Employers are just differing and snowballing their cashflow problems.
EPF should instead consider freezing EPF payments from both Employers and Employees for 3 months ie. from April to June 2020.
To ensure that this is not misused by the Employers, there can be condition that this concession is only allowed if the Employers do not terminate or retrench any of the Employees for the period of 9 months till December 2020.
EPF should seriously consider the above to help keep afloat Businesses as well as Employment.
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Further enquiries, please contact:
Charmane Koh
Senior Manager, Corporate Affairs
Grant Thornton Malaysia PLT
T: +603 2692 4022
M: +017 3384563
Notes to editors:
About Grant Thornton Malaysia PLT
Grant Thornton Malaysia PLT is a member firm of Grant Thornton International Ltd (GTIL) and we have been progressing expeditiously in every aspect ever since our establishment in 1974. Today, we are one of the leading audit, tax and advisory firms in Malaysia, providing assurance, tax, public listing, corporate finance, restructuring and other specialist services to public listed and private companies. With over 850 people, Grant Thornton Malaysia currently provides services from offices in Kuala Lumpur, Penang, Johor Bahru, Kuantan and Cambodia.
About Grant Thornton International Ltd
Grant Thornton is one of the world’s leading organisations of independent assurance, tax and advisory firms. These firms help dynamic organisations unlock their potential for growth by providing meaningful, forward looking advice. Proactive teams, led by approachable partners, use insights, experience and instinct to understand complex issues for privately owned, publicly listed and public sector clients and help them to find solutions. More than 56,000 Grant Thornton people across over 140 countries, are focused on making a difference to the clients, colleagues and the communities in which we live and work.
All references to Grant Thornton International in the press release and this “Notes to editor” section are to Grant Thornton International Ltd. Grant Thornton International Ltd is a non-practicing, international umbrella entity organized as a private company limited by guarantee incorporated in England and Wales.