Levy Forfeiture
Section 25 of the PSMB Act 2001
- If an employer does not make any claims against the Fund within such period as may be determined by the Board from the date of its registration with the Corporation or from the date of the last financial assistance or other benefits granted by the Corporation, the employer shall lose his eligibility to receive any financial assistance or other benefits not claimed for the period.
- The period of unutilised HRD levy
was revised from (5) five years to two (2) years from 1 January 2020 to
increase employer investment in skills development.
Employers’ Circular No. 7/2019 Stated that Levy Contributed for Two (2)
Years will be Forfeited when:
- No claims were made within Two Years (24 Months).
- After forfeiture, the amount of RM10,000 will remain in the levy balance
*Levy Balance Forfeiture Formula: Levy Balance 2 years ago – Claims made within 2 years - Forfeiture amount + Levy Contributed within 2 years
Example
of levy that will
be forfeited :
Forfeiture amount will be based on the amount at 31 Jan 2021 as we want to remain it with RM10,000.00 (RM100,000.00 – RM90,000.00 = RM10,000.00)
Example of levy that will not be forfeited :
However,
Levy Balance of less than RM10,000.00 will
be exempted from Forfeiture.
Example of levy that will not be forfeited :
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