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Employment Insurance Scheme

Byadmin

Prime Minister Datuk Seri Najib Tun Razak announced an allocation of RM70 million to SOCSO for financial benefit payments that is said will benefit about 6.5 million private sector employees. Under this Employment Insurance Scheme (EIS) or Sistem Insurans Pekerjaan (SIP), employees will get temporary financial assistance to support themselves while they look for employment. This…

SOCSO rates to increase?

Byadmin

The Employees’ Social Security (Amendment) Act 2015, tentatively due to come into force from 1st July 2016, increases the mandatory contribution from a monthly salary of RM3,000.00 to RM4,000.00. The maximum contributions by the employer and employee will also increase as follows: Employers from RM51.65 to RM69.15 Employees from RM14.75 to RM19.75