What is the minimum contribution rate to the EPF for employees?

The minimum contribution rate to the Employees' Provident Fund (EPF) for employees is set at 12% of their basic wages. This percentage is significant as it ensures that a substantial portion of an employee's earnings goes towards their retirement savings. The EPF is a mandatory savings scheme that helps employees accumulate a retirement fund, and the 12% contribution aligns with the government's efforts to promote financial security for individuals in their retirement years. This rate is applicable under certain conditions, ensuring that employees are contributing a minimum amount to secure their future, making it an essential part of employment benefits in many jurisdictions.