Socso Contribution Table 2024: What Employers and Employees Need to Know

Upcoming Changes to Socso Contributions

The Social Security Organisation (Socso) has announced that there will be changes to the contribution rates for employers and employees in 2024. These changes are part of the government's efforts to strengthen the social security system and provide better protection for workers.

Key Points for Employers and Employees

• The employer's contribution rate will increase from 1.75% to 1.9% of the employee's monthly salary.
• The employee's contribution rate will increase from 1% to 1.1% of their monthly salary.
• The minimum monthly contribution for employers will increase from RM15.10 to RM16.15.
• The minimum monthly contribution for employees will increase from RM8.60 to RM9.40.

Reasons for the Changes

The Socso contribution rate changes are necessary to ensure the sustainability of the social security system. The current contribution rates are not sufficient to cover the increasing costs of providing benefits to workers. The changes will help to ensure that Socso can continue to provide essential benefits such as medical care, disability benefits, and survivor's benefits.

Impact on Employers and Employees

The increase in Socso contribution rates will have a small impact on the cost of doing business for employers. However, the increase will also provide employees with increased benefits and protection.

Conclusion

The Socso contribution rate changes are a necessary step to ensure the sustainability of the social security system. The changes will have a small impact on the cost of doing business for employers, but they will also provide employees with increased benefits and protection.