SOCSO Contribution Table 2024: Updated Rates and What You Need to Know
Introduction
The Social Security Organization (SOCSO) has released its contribution table for 2024, outlining the rates that employers and employees are required to pay for social security coverage. This article provides a comprehensive overview of the updated contribution table and its implications for employers and employees.
Contribution Rates
The SOCSO contribution rate for employers and employees remains unchanged from 2023. Employers are required to contribute 1.75% of an employee's monthly wages, while employees contribute 0.5%.
The contribution rate for self-employed individuals also remains the same at 1.75% of their monthly income.
Coverage and Benefits
SOCSO coverage provides various benefits to employees, including:
* Employment injury insurance * Invalidity pension * Survivors' pension * Dependants' pension * Education allowance for childrenEmployers are required to register their employees with SOCSO within 30 days of their employment start date.
Penalties for Non-Compliance
Employers who fail to comply with the SOCSO contribution requirements face penalties, including:
* Fines of up to RM10,000 * Imprisonment of up to 2 years * Suspension of business operationsEmployees who fail to contribute to SOCSO may lose their eligibility for benefits.
Conclusion
The SOCSO contribution table for 2024 remains largely unchanged from the previous year. Employers and employees are encouraged to review the table and ensure they are compliant with the contribution requirements to avoid penalties and secure access to essential social security benefits.
For more information on SOCSO and its contribution table, please visit the official SOCSO website.
