Socso Contribution Table 2024

Socso Contribution Table 2024: A Comprehensive Guide

Understanding Social Security Organization (Socso) Contributions

Socso is a Malaysian government agency that provides social security protection to employees in the private sector. Employers are required to make monthly contributions to Socso on behalf of their employees. These contributions cover a range of benefits, including medical care, disability benefits, and retirement savings. The Socso contribution table is a schedule that sets out the contribution rates for different categories of employees. The rates are based on the employee's monthly salary and the type of coverage they are seeking.

Key Features of the 2024 Socso Contribution Table

The 2024 Socso contribution table introduces several key changes from the previous year. These changes include: * **Increased contribution rates:** The contribution rates for all categories of employees have been increased by 0.5%. This means that employers will now need to contribute a higher percentage of their employees' salaries to Socso. * **New contribution category:** A new contribution category has been created for employees who earn more than RM5,000 per month. This category is subject to a higher contribution rate of 1.75%. * **Revised contribution ceiling:** The maximum monthly salary that is subject to Socso contributions has been increased from RM4,500 to RM5,000. This means that employers will only need to contribute Socso on the first RM5,000 of an employee's salary.

How to Calculate Your Socso Contributions

To calculate your Socso contributions, you will need to know your monthly salary and the contribution rate that applies to you. You can find the contribution rate for your category of employment in the Socso contribution table. Once you have your monthly salary and contribution rate, you can use the following formula to calculate your Socso contributions: **Contribution Amount = Monthly Salary x Contribution Rate** For example, if you earn RM3,000 per month and you are in the category for employees who earn between RM2,000 and RM4,500, your Socso contribution would be: **RM3,000 x 1.25% = RM37.50**

Conclusion

The Socso contribution table is an important tool for employers and employees alike. By understanding the contribution rates and how to calculate your contributions, you can ensure that you are meeting your obligations under the Socso Act.

Socso Contribution Table 2024