KUALA LUMPUR: The Employees Provident Fund (EPF) has launched the Employer Covid-19 assistance programme (e-CAP) for small and medium enterprises (SMEs) to apply for a deferment and restructuring of the employer’s share of EPF contributions for April, May or June 2020.
In a press release, EPF said the deferred contribution for the respective month of choice can be settled over three months.
“For SMEs who chooses to apply to defer their April contributions, their restructured payments will start from July 2020 up to a maximum of three months ending Sept 2020.
“For those applying for May, the restructured payments for that month will start from Aug to Oct 2020 while for those applying for June, their restructured payments will start from Sept 2020 to Nov 2020, ” it added.
The e-CAP can be applied via i-Akaun of employer with effect from April 23,2020.
To be eligible for e-CAP, SME employers must have 200 employees or less on payroll, ensure all monthly contribution payments of both employee and employer portions, up to the February contribution date are in order and ascertain employee’s share of the payment for the contribution months being applied for April, May or June has been paid.
However, it noted that SMEs who are interested in having their contributions deferred and restructured for two or three months should ensure their application for the previous month is approved before they can submit a new application.
“e-CAP will assist SMEs affected by cashflow constrains to ensure business continuity in the long run. To supplement the e-CAP, we are also offering all Malaysian employers an advisory service on all things EPF via our Employer Advisory Services, ” said EPF chief executive officer Tunku Alizakri Alias.
Source : https://www.thestar.com.my/business/business-news/2020/04/24/epf-launches-e-cap-for-smes#cxrecs_s