>

Socso Contribution Table 2024

SOCSO Contribution Rates 2024: Everything You Need to Know

Introduction

The Social Security Organization (SOCSO) in Malaysia provides crucial social protection to employees in both the private and public sectors. One of the key ways that SOCSO achieves this is through the Employee Insurance Scheme (EIS), which offers a range of benefits including medical and rehabilitation coverage, disability benefits, and survivor benefits. To fund these benefits, employers and employees are required to contribute monthly as per the SOCSO contribution rates set by the Malaysian government.

SOCSO Contribution Rates for 2024

The SOCSO contribution rates for 2024 will remain the same as 2023, with the monthly contribution amount based on the employee's monthly earnings. The rates, expressed as a percentage of the employee's monthly salary, are as follows:

• Employee: 1.75%
• Employer: 1.25%

These contribution rates apply to all employees covered under the EIS, including those in the private sector, public sector, and self-employed individuals who have voluntarily opted to contribute to SOCSO.

Importance of SOCSO Contributions

SOCSO contributions play a vital role in ensuring that employees have access to the necessary social protection benefits. These benefits provide financial assistance and support during times of need, such as work-related accidents, illnesses, or disabilities. By contributing to SOCSO, employees and employers not only fulfill their legal obligations but also invest in their own and their employees' well-being.

Conclusion

The SOCSO contribution rates for 2024 remain unchanged from 2023, providing continued financial protection to employees in Malaysia. By understanding the importance of SOCSO contributions and ensuring timely payments, employers and employees can contribute to a robust social safety net that supports the well-being of the workforce.