Section 25 of the PSMB Act 2001
If an employer does not make any claims from 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 the eligibility to receive any financial assistance or other benefits during the unclaimed period.
· Employers’ Circular No. 7/2019 stated that levy contributed for two (2) years would be forfeited when no claims are made within two years (24 months).
· After forfeiture, 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