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Higher insured salary ceiling to benefit 1.45m workers
Published on: Sunday, October 15, 2023
By: Bernama
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Higher insured salary ceiling to benefit 1.45m workers
Human Resources Minister V. Sivakumar - pix Bernama
KUALA LUMPUR: The increase in insured monthly salary ceiling from RM5,000 to RM6,000 will come into effect after the amendments to Employees Social Security Act 1969 (Act 4) and the Employment Insurance System (EIS) Act 2017 (Act 800).

Human Resources Minister V. Sivakumar said the increase will benefit workers and their dependents if employees suffer a workplace accident, illness, disability, death or job loss.

Prime Minister Datuk Seri Anwar Ibrahim, when tabling the Malaysia Madani Budget 2024 in the Dewan Rakyat, said the increase would raise the cash benefits at a rate of 20.2 per cent for the benefit of 1.45 million workers and their dependents.

According to Sivakumar, the government allocated more than RM200 million to the Ministry of Human Resources (KSM) through the Social Security Organisation (Socso) in the Budget 2024 to strengthen the social protection network and drive the labour market, in line with the federal government’s structural reform agenda.

In the meantime, he said the policy of one per cent employment opportunity for the disabled, which will be extended to ex-convicts and the elderly, will be implemented in various ministries, government-linked investment companies (GLIC) and government-linked companies (GLC) as well as the government’s strategic partners.

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