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Its primary aim is to provide a measure of security for old age retirement to its members.
Compulsory for:
Optional for:
Public sector employees on pension scheme Foreign employees Domestic servants Self-employed persons
Section 41 (1)
Every employee shall, unless he is already registered with the Board, before the end of the first week in the first month in which he is paying wages in respect of which he is required to pay contributions under this Act, registered with the Board in manner as may be prescribed by the Board.
Section 41 (2)
Any employer who contravenes subsection (1) shall be guilty of an offense and shall, on conviction, be liable to imprisonment for a term not exceeding three years or to a fine not exceeding ten thousand ringgit or both.
Its
Employer
responsible to contribute 12% of employees wages and deduct 11% from employees wages and send both contributions to the EPF every month.
Under section 54(1): The Board may authorize the withdrawal of all sums of money standing to the credit of a member of the Fund upon any terms and conditions as may be prescribed by the Board. Under section 54(6): Notwithstanding subsection (1), the Board may authorize an application of a member of the Fund to withdraw part of the amount standing to his credit upon any terms and conditions as may be prescribed by the Board.
The member of EPF is eligible to withdraw their saving in EPF by 30% at the age of 50 years old and 100% by the age of 55years old.
Dividend declaration Under section 27, at or after the end of the financial year, being the 31st December of each year, the board shall with the approval of the Minister, declare a rate of dividend in respect of the year, being not less than two and one half per centum. 2008 4.50% 2009 5.65% 2010 5.80% 2011 6.00%
The member of EPF is eligible for tax deduction. Member does not have to pay income tax.
Introduced in 1969
Members of SOCSO Employees who earn less than RM 3000 per month
SOCSO?
Under some of the schemes of payment, it is unnecessary for the accident in question to arise from the course of work.
To provide protection for employees (as defined under the Act) and their families against economic and social distress and situations where the employees sustain injury or death.
This Act applicable to all industries with one or more employees. A person whose wages not exceed RM3,000 a month.
Compulsory for:
All Malaysian employees working in private sector
The principal employer is responsible to pay both the employers contributions of every employee, whether directly employed by him, or through an immediate employer. Immediate Employer
According to Employees Social Security Act 1969, Section 6, Contributions. (1) The contribution payable under this Act in respect of an employee shall comprise contribution payable by the employer (hereinafter referred to as the employers contribution) and contribution payable by the employee (hereinafter referred to as the employees contribution) and shall be paid to the Organization.
1.
Only.
- Invalidity Pension Scheme provides a 24-hours coverage to employees against invalidity and death due to any cause not connected with employment before the age of 55 years. - The benefits provided under this scheme are Invalidity
3. Dependants benefit.
Based on Section 26 provides that if an
insured person dies as a result of an employment injury sustained as an employee under the Act, his dependants as follows will be entitled to dependants benefits at the rate as specified in the Fourth Schedule.
4. Occupational diseases
If an employee is employed in any occupation listed
under the Fifth Schedule, and he contracts a disease shown in the Schedule to be related to that occupation while at work or within 60 months after ceasing to be so employed, he is deemed to have sustained an employment injury and is therefore entitled to claim benefit under the Act (Section 28).
by the Minister from time to time by regulations is payable to the family of an insured person who dies:
As a result of an employment injury; While he is in receipt of disablement benefit under the Act; While he is in receipt of invalidity pension; or After completing a full or reduced qualifying period, even if he has not attained 55 years old.
6. Medical treatment
Under Section 37, an insured person whose
condition requires medical treatment and attendance as a result of employment injury. There are some ways on giving medical benefits to the employee. The medical benefit may be given either in the form of:
Outpatient treatment; Attendance in a hospital, dispensary, clinic or other institutions; Visits to the insiders home; Treatment as in-patient in hospital or other institutions.
# Must be in accordance with such type and scale as provided by SOCSO, or the insured would not be able to claim reimbursement. SOCSO has its own list of panel clinics.