Malaysia legislation
Section 11
Section 11
New Eighth Schedule
The principal Act is amended by inserting after the
Seventh Schedule the following schedule:
“Eighth SchEdulE
[Sections 53d and 53E]
ELECTION BY A MEMBER OF THE FUND TO TRANSFER HIS
CONTRIBUTIONS
Transfer of contributions of a member of the Fund into the account of another member of the Fund who is or are his lawful wife or wives
(1)
Subject to the criteria specified in columns (1) and (2) of the following table, a member of the Fund may elect to transfer his contributions at the rate specified in column (3) into the account of another member of the Fund who is or are his lawful wife or wives and their marriage has been registered under the laws of Malaysia.
(2)
The transfer of contributions may be ceased by the member of the Fund who elects to transfer his contributions upon the occurrence of any of the following circumstances:
(a)
dissolution of marriage between the member of the Fund who elects to transfer his contributions and the member of the Fund who receives the contributions transferred;
(b)
death of the member of the Fund who receives the contributions transferred.
(1)
Criteria of a member of the
Fund who elects to transfer his contributions
(2)
Criteria of a member of the Fund who receives the contributions transferred
(3)
Rate of contributions to be transferred
”.
The member of the
Fund—
(a)
is a Malaysian citizen or is not a Malaysian citizen; and
(b)
receives employer’s contributions on a monthly basis
The member of the Fund is a
Malaysian citizen 2%
the x employee’s 11%
contributions of the member of the Fund who elects to transfer such contributions
The total contributions which includes cents shall be rounded to the next ringgit
KUALA LUMPUR