{"id":3537,"date":"2020-04-23T18:25:05","date_gmt":"2020-04-23T10:25:05","guid":{"rendered":"https:\/\/newmalaysiatimes.com\/?p=3537"},"modified":"2020-04-23T18:25:05","modified_gmt":"2020-04-23T10:25:05","slug":"covid-19-epf-launches-e-cap-to-support-affected-smes","status":"publish","type":"post","link":"https:\/\/newmalaysiatimes.com\/?p=3537","title":{"rendered":"COVID-19: EPF launches e-CAP to support affected SMEs"},"content":{"rendered":"<p>KUALA LUMPUR, April 23 &#8211; The EPF (Employees Provident Fund) has launched the Employer COVID-19 Assistance Programme (e-CAP) to support small and medium-sized\u00a0enterprises (SMEs) affected by the global pandemic.<\/p>\n<p>In a statement today, chief executive officer, Tunku Alizakri Raja Muhammad Alias said e-CAP gives eligible SMEs the flexibility to apply for a deferment and restructuring of the employer\u2019s share of EPF contributions for\u00a0April, May and\/or June 2020.<\/p>\n<p>He said the deferred contribution for the respective month of choice could then be settled over a maximum period of three months.<\/p>\n<div class=\"col-sm-12 col-md-12 col-lg-12 mt-4 px-sm-0 px-md-5 px-lg-15 text-dark text-justify\">\n<p>According to the EPF, for employers who choose\u00a0to apply to defer their April contributions, their restructured payments will start from July 2020, ending September 2020.<\/p>\n<\/div>\n<div class=\"col-sm-12 col-md-12 col-lg-12 mt-4 px-sm-0 px-md-5 px-lg-15 text-dark text-justify\">\n<p>As for those applying for May, the restructured payments for that month will start from August to October 2020 while for those applying for June, their restructured payments will start from September 2020 to November 2020.<\/p>\n<p>\u201cThey can apply for the e-CAP via the i-Akaun (Employer) from today onwards,\u201d it said.<\/p>\n<\/div>\n<div class=\"col-sm-12 col-md-12 col-lg-12 mt-4 px-sm-0 px-md-5 px-lg-15 text-dark text-justify\">\n<p>Tunku Alizakri said\u00a0SMEs are the cornerstone of the Malaysian economy, contributing around RM522 billion to the gross domestic product and providing\u00a0the largest amount of employment for the domestic labour market.<\/p>\n<\/div>\n<div class=\"col-sm-12 col-md-12 col-lg-12 mt-4 px-sm-0 px-md-5 px-lg-15 text-dark text-justify\">\n<p>&#8220;Malaysia cannot afford for SMEs to collapse, as this will have far reaching effects; from larger corporations that will face severe supply chain disruptions, to individuals whose jobs will be at stake,&#8221; he said.<\/p>\n<p>To be eligible for the e-CAP,\u00a0SME employers must have 200 employees or less on payroll,\u00a0and ensure that all monthly contribution payments (both employee and employer portions) up to\u00a0February 2020\u00a0are in order.<\/p>\n<\/div>\n<div class=\"col-sm-12 col-md-12 col-lg-12 mt-4 px-sm-0 px-md-5 px-lg-15 text-dark text-justify\">\n<p>Employers must also ensure that the employee\u2019s share of the payment for the contribution month\u00a0applied for (April, May or June) has been paid, the EPF said.<\/p>\n<p>Employers who choose to apply for e-CAP are also reminded that dividends on late payments would still apply, though the EPF\u00a0would consider a waiver or reduction in late payment charges on a case-by-case basis.<\/p>\n<p>&#8211; BERNAMA<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>KUALA LUMPUR, April 23 &#8211; The EPF (Employees Provident Fund) has launched the Employer COVID-19&#8230;<\/p>\n","protected":false},"author":1,"featured_media":3538,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41,7574],"tags":[9008,3214,9007,532],"class_list":["post-3537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-covid19","tag-e-cap","tag-employees-provident-fund","tag-employer-covid-19-assistance-programme","tag-epf"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.9 (Yoast SEO v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>COVID-19: EPF launches e-CAP to support affected SMEs<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmalaysiatimes.com\/?p=3537\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"COVID-19: EPF launches e-CAP to support affected SMEs\" \/>\n<meta property=\"og:description\" content=\"KUALA LUMPUR, April 23 &#8211; 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