Socso Contribution Table: What You Need to Know
Socso: What is it and Who Needs to Contribute?
Socso, or the Social Security Organization, is a Malaysian government agency that provides social security protection to employees in the country. It is a mandatory scheme that employers are required to contribute to on behalf of their employees. The Socso contribution table outlines the contribution rates for different categories of employees.
Who needs to contribute to Socso?
All employers in Malaysia are required to contribute to Socso on behalf of their employees. This includes:
- Private sector employers
- Public sector employers
- Self-employed individuals
Contribution Rates
The Socso contribution rates for employees are based on their monthly salary. The rates are as follows:
- Employees earning RM1,000 or less per month: 0.5%
- Employees earning RM1,001 to RM2,000 per month: 1.0%
- Employees earning RM2,001 to RM3,000 per month: 1.5%
- Employees earning RM3,001 to RM4,000 per month: 2.0%
- Employees earning RM4,001 to RM5,000 per month: 2.5%
- Employees earning RM5,001 or more per month: 3.0%
Employers are required to match the employee's contribution, meaning that the total Socso contribution for each employee is double the employee's contribution rate.
Benefits of Socso
There are a number of benefits to contributing to Socso. These include:
- In the event of an accident or illness, employees are entitled to medical benefits, temporary disability benefits, and permanent disability benefits.
- Employees are also entitled to survivors' benefits in the event of their death.
- Socso also provides rehabilitation services to help employees return to work after an accident or illness.
Conclusion
Socso is a valuable social security scheme that provides employees in Malaysia with a number of benefits. Employers are required to contribute to Socso on behalf of their employees, and the contribution rates are based on the employee's monthly salary. The benefits of Socso include medical benefits, temporary disability benefits, permanent disability benefits, survivors' benefits, and rehabilitation services.
