Although most people are aware of what EPF is, SOCSO seems
to be less popular in terms of awareness and familiarity. You can understand
that a portion of your monthly income is allocated to SOCSO by both employer
and employee, but what is it you are actually paying?
Let's take a look at how SOCSO is relevant to the public.
Advantages of SOCSO
SOCSO was linked to providing support, both clinically and
financially, to staff who were reduced or disabled due to an accident or
disease. They also provide support to employees' dependents when they die
through pensions.
Benefits under this scheme are divided into Employment
Injury Scheme and Involvement Pension Scheme.
Benefits of
Employment Injury Scheme
The scheme provides employees with coverage and protection
for victims
- Treatment facilities
- The benefit of temporary disability
- The benefits of permanent disability
- Continuous attendance allowance
- Rehabilitation facilities
- Go back to the program
- Dependent benefits
- Funeral benefits
- The benefits of education.
It is also important to note that employees who have stopped
contributing to SOCSO may be covered if they meet certain conditions. An event
that many do not notice.
Depreciation
Pension Scheme
The scheme covers employees who, for some reason, face
incompetence and death for some reason that is unrelated to their work.
Insolvency refers to an employee's inability to receive one-third of the
insured's current income. This disability may take the form of permanence or it
is rarely likely to recover.
The benefits that can be achieved are:
- Depreciation pension
- Depreciation grant
- Survival pension
- Funeral benefits
- Facilities for physical rehabilitation and dialysis
- The benefits of education
The pension for those who survived is an important piece of
information that implies that the pension will be closed after the employee
dies. Through the Survival Pension Scheme, trusted family members can apply to
transfer it to them.
Free health
check-up
SOSCO has issued health check vouchers to 2.2 million
Malaysians. But the results showed that 1.7 million (77.7% of eligible
candidates) qualified for the free treatment health test rejected the
initiative.
Although it takes effort to get through the whole process,
taking time off from work to participate in this free service is a sensible
step and should be encouraged.
Are you
self-employed?
If your answer above is yes then make sure that the HRM
targets self-employed workers. Of these, traders and taxi drivers need to be
eligible for the SOCSO protection project this year.
Is SOSSO
compulsory?
The contribution of SMSO is less than RM3,000 monthly salary
for all Malaysian workers. However, this is a good fit for those starting
salaries above RM3,000. Due to the "Always Once" policy, SOCSO members
who contribute to SOCSO will continue to be members, even if the salary
increases to over RM3,000.
The first
category: Employment Injury and in valuation Scheme
- All employees under the age of 60 are required to participate in this category.
- You should be informed that only 0.5% of the employee's monthly wage should be deducted from the contribution. Any statistics that are highly recommended should be reported.
Division
II: Employment Injury Scheme
- Employees who are over 60 and over
- Employees over the age of 55 who have also contributed their first SOCSO
- The insured is taking the depreciation pension and is still working and receives less than 1/3 of the average monthly wage before becoming invalid.
- The employer will pay the SOCSO contribution at 1.25% of the monthly salary
For the calculation of your SOCSO contribution, you can refer to this link.
Start using
your SOCSO!
SOCSO also remains under the radar despite its endless
contribution to society. The ultimate consequence of the SOCSO user will
ultimately be the loss of a person who may need help. Help spread the word and
share this knowledge with friends and family. You never know who you're
helping. For an in-depth investigation of what SOCSO can do for you, please visit their website here.
0 Comments