HRD Corp: Avoid 15% Deduction to Your HRDF
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IMPORTANT Notice: Mark to Remember
Your company’s HRD Corp Levy Fund may face a 15% deduction after June 30, 2024!
Why?
As part of Budget 2024, Prime Minister Yang Amat Berhormat Dato' Seri Anwar Ibrahim initiated the Program Latihan Madani (PLM). This program aims to empower the country's micro-SMEs and communities in need through training and development opportunities. To support this initiative, 15% of your company’s unused levy fund for the year 2023 will be utilized.
Who Will Be Affected?
Your company’s HRD Corp levy balance will face a 15% deduction if both of the following criteria are met:
- Levy balance of RM 50,000 and above for the year 2023.
- Levy utilization rate of less than 50% from the employer's contributions from January 1, 2023, to December 31, 2023.
Example of the 15% PLM Deduction
The 15% deduction is calculated using the following formula:
(Levy Collection in 2023 - Levy Utilization in 2023) x 15%
To explain further, let’s look at some scenarios extracted from the HRD Corp website:
How to Avoid PLM Deduction?
To steer clear of PLM deductions, ensure your company meets one of the following criteria by June 30, 2024:
- Utilizes over 50% of its HRD Corp levy fund.
- Maintains a levy balance of RM 50,000 or below.
Please note that the deduction is based on actual usage only, not on planned or booked training sessions.
For more details, visit the HRD Corp official portal.
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