Following today’s budget 2023 announcement, the government has made it essential for ALL self-employed workers to contribute to SOCSO.
For those who contribute to their own EPF, the limit for EPF voluntary contribution has been increased to RM100,000 per year as compared to RM60,000 previously.
According to Tengku Datuk Seri Zafrul Tengku Abdul Aziz, the increase in vonluntary contribution is to help increase people’s retirement savings.
Here’s what you need to know
- RM150 million allocated for employment incentive.
- RM600-RM700 a month for three months for marginalized groups such as the disabled (OKU), ex-convicts, Orang Asli and women to encourage these groups to rejoin the workforce.
- Government will bear 80% of the Socso contribution.
- Food delivery personnel, farmers, fishermen, artistes under Finas and hawkers need to contribute only 20% of the total contribution.
- Socso to provide RM1,000 mobility assistance for employees from Sabah and Sarawak with jobs in the peninsular and vice versa.
Stay tuned for more updates!
Also read: BUDGET 2023: Here’s What You Need To Know About Bantuan Keluarga Malaysia (BKM)
