Employment Insurance Scheme

Byadmin 15 May, 20171 September, 2017

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 will be implemented from January 2018, with benefit payments starting from January, 2019.

The government is also looking to extend the Employment Injury Scheme (EIS) coverage to more informal jobs, such as fishermen, artists, farmers and petty traders.

admin

See Full Bio

Income tax | Payroll Management

Malaysian personal income tax rates

Byadmin 2 May, 20123 August, 2023

Employment income is taxed at progressive rates ranging from 0% to 28%. Self assessment for individuals was introduced from the year of assessment 2004. With self assessment, the taxpayer bears the responsibility for correctly assessing his or her tax liability. The forms are issued in January of each year, and tax returns are to be…

SOCSO

SOCSO rates to increase?

Byadmin 26 February, 201616 August, 2017

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 admin See Full…

EPF | Payroll Management

Higher EPF contributions from Jan 2012

Byadmin 3 July, 20171 August, 2023

From January 2012, the Employers contribution for employees earning RM5,000.00 or less has been increased from 12% to 13%. Employees contributions remain at 11%, no change to the existing rate. Total monthly contribution to EPF would now be 24%, made up of 13% Employer contribution and 11% Employee contribution. For employees aged 55 and above,…

Payroll Management

Why outsource payroll?

Byadmin 4 May, 201416 August, 2017

Payroll involves time consuming tasks that will need to be repeated every month. It is a non revenue generating function of your business, but needs to be handled on a timely and efficient way if you are to keep your employees motivated and happy. Four reasons to outsource your payroll administration are: Saves money, Is…

Payroll Management

Overtime

Byadmin 19 August, 201516 August, 2017

Overtime is the number of hours an employee works in excess of normal hours of work per day. The total hours of overtime is limited to 104 hours per month excluding rest days and public holidays. Rates for overtime payment are as follows: Normal days : 1.5 times the hourly rate for each hour Rest…

Payroll Management

Minimum wage set

Byadmin 3 May, 201216 August, 2017

Prime Minister Datuk Seri Najib Tun Razak announced, on 30th April 2012, the introduction of Malaysia’s first minimum wage that will cover employees in all sectors excluding those employed as domestic help. For Peninsular Malaysia, the minimum wage has been set at RM900.00 while that in East Malaysia and Labuan is RM800.00 The rates will…

Similar Posts

HR