Socso Contribution Table 2024

Guide to Understanding Socso Contribution Table 2024: Rates, Deadlines, and More

What is SOCSO and Why is it Important?

The Social Security Organization (SOCSO) is a Malaysian government agency responsible for providing social security protection to employees in the private sector. SOCSO's mandatory contribution system ensures that employees have access to benefits such as medical care, disability benefits, and survivor's benefits in the event of an accident or illness.

SOCSO Contribution Table 2024: Key Changes and Highlights

The SOCSO Contribution Table 2024 outlines the contribution rates and deadlines for employees and employers. For 2024, there are no changes to the contribution rates, which remain at 1.75% for employees and 1.25% for employers.

Contribution Rates and Deadlines

The contribution rates are based on the employee's monthly salary, with the maximum contribution capped at RM1,418 per month. The contributions must be paid by the 15th of the following month to avoid late payment penalties.

Exemptions and Special Cases

Certain categories of employees are exempted from SOCSO contributions, such as civil servants, self-employed individuals, and foreign workers. Employers are responsible for determining if their employees are eligible for exemptions.

Benefits of SOCSO Coverage

SOCSO coverage provides employees with a range of benefits, including:

• Medical expenses
• Disability benefits
• Survivor's benefits
• Invalidity pension
• Dependent's benefits

How to Register for SOCSO Coverage

Employers are required to register with SOCSO and provide contribution information for their employees. The registration process can be done online through the SOCSO website or at any SOCSO branch office.

Penalties for Non-Compliance

Employers who fail to register or make timely contributions may face penalties, including fines and prosecution. It is essential for employers to comply with SOCSO regulations to avoid legal consequences and protect their employees' rights.

Conclusion

The SOCSO contribution table 2024 provides clear guidelines for employee and employer contributions. By understanding the table and fulfilling their obligations, employers can ensure that their employees have access to the social security benefits they are entitled to.