Country: Malaysia
Compliance category: PERKESO
Regulatory Information:
Regulation:
- Employees’ Social Security Act 1969 (ACT 4)
- Employment Insurance System Act 2017 (ACT 800)
Notification/Circular no: PERKESO.600-2/4/1(31)
Notification date: October 01, 2024
Source:
Updates in Compliance:
Summary:
The Ministry of Human Resources (KESUMA) through Pertubuhan Keselamatan Sosial (PERKESO) vide above circular number has revised the wage ceiling for PERKESO contribution starting from effective date. Employers are mandatorily required to mention the PERKESO contribution amounts in employee’s pay slip for records.
Effective date: October 01, 2024
Revised wage limits: RM 5,000 to RM 6,000 per month
Our Analysis:
The revised wage limits extend more protection to employees affected due to employment injury/invalidity /loss of employment in the form of increased benefit payouts. This change will increase the contribution payable by employer and employee having salary more than RM 5,000 a month.
