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Employee Benefits in Malaysia

  • January 2015
  • -
  • Timetric
  • -
  • 49 pages

The Malaysian Social Security System is based on two pillars: the Employees Provident Fund and the Social Insurance System. Pensions in Malaysia are covered by the Employees Provident Fund, which acts as a fundamental support to the Malaysian pension system and deals with the provision of extensive social security functions. The social insurance system is administered by the Social Security Organization (SOCSO), and provides financial assistance to insured employees and their dependents in the event of accidents that may result in death, disability or illness or an occupational disease. SOCSO provides two types of insurance scheme to employees: the employment injury scheme and disability scheme. Generally, foreign workers are not covered by SOCSO, but under the Worker’s Compensation Act, they are entitled to receive benefits in the event of a work-based injury. Various reforms have been introduced to improve financial security in retirement by encouraging longer contributions and more prudent distribution of accumulated assets through various incentives. As in many Asian and western countries, Malaysia has also seen adverse demographic developments and needs to restructure its system to deal with future financial challenges. Occupational pensions are not very common in Malaysia, and are mostly limited to larger employers.

The report provides in-depth industry analysis, information and insights into employee benefits in Malaysia, including:

- An overview of state and compulsory benefits in Malaysia

- Detailed information about private benefits in Malaysia

- Insights into various central institutions responsible for the administration of the different branches of social security

- The regulatory framework of employee benefits in Malaysia

This report provides a detailed analysis of employee benefits in Malaysia:

- It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits.

- It covers an exhaustive list of employee benefits, including retirement benefits , death in service benefits, long-term disability benefits, medical benefits, workmen’s compensation, maternity benefits, public holidays and private benefits.

- It highlights the economic and regulatory situations relating to employee benefits in Malaysia.

Reasons To Buy
- Make strategic decisions using in-depth information related to employee benefits in Malaysia.

- Assess Malaysia’s employee benefits market, including state and compulsory benefits and private benefits.

- Gain insights into the key employee benefit schemes offered by private employers in Malaysia.

- Gain insights into key organizations governing Malaysia’s employee benefits, and their impact on companies .

Key Highlights
- The EPF is managed by a tripartite governing board and responsible for the administration of contributions and benefits under the provident fund system. It is also responsible for investing funds contributed by member employees.

- Under the provident fund system for retirement, death, disability and medical benefits, employees below the normal retirement age should contribute 11% of their monthly earnings, and employees aged between the normal retirement age and 75 years should contribute 5.5% of monthly earnings. Under the social insurance system for death and disability benefits, a contribution of 0.5% of monthly earnings should be made by employees.

- Under the social insurance system for death and disability benefits, a contribution of 0.5% of monthly earnings should be made by employees.

Table Of Contents

Employee Benefits in Malaysia
Table of Contents
1 Executive Summary
2 Introduction2.1 What is this Report About?
2.2 Definitions
3 Country Statistics
4 Overview of Employee Benefits in Malaysia
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of retirement plan
6.1.3 Eligibility
6.1.4 Age
6.1.5 Pensionable salary
6.1.6 Benefits
6.1.7 Payment options
6.1.8 Typical employer practice
6.1.9 Employee and employer contributions
6.1.10 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Typical employer practice
6.2.6 Employee and employer contributions
6.2.7 Taxation
6.3 Long-Term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Employee and employer contributions
6.3.6 Taxation
6.4 Medical Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Typical employer practice
6.4.5 Employee and employer contributions
6.5 Workmen's Compensation
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Payment options
6.5.5 Employee and employer contributions
6.5.6 Taxation
6.6 Maternity Benefits
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment option
6.6.5 Typical employer practice
6.6.6 Taxation
6.7 Public Holidays
6.7.1 Public holidays
6.7.2 Observance holidays
7 Private Benefits
7.1 Retirement Benefits
7.2 Death and Disability Benefits
7.3 Medical Benefits
7.4 Other Benefits
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US$)
8.1.2 GDP per capita at constant prices (US$)
8.1.3 GDP at current prices (US$)
8.1.4 GDP per capita at current prices (US$)
8.1.5 GDP by key sector
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-MYR
8.1.8 Unemployment rate
8.1.9 Household consumption expenditure
8.1.10 Gross national disposable income
8.2 Demographics
8.2.1 Total population
8.2.2 Labor force
8.2.3 Urban and rural populations
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: Definitions
Table 2: Malaysia - Country Statistics, 2013-2014
Table 3: Malaysia - Public Holidays
Table 4: Malaysia - Observance Holidays

List of Figures
Figure 1: Main Institutions of the Malaysian Social Security System
Figure 2: Malaysian GDP at Constant Prices (US$ Billion), 2008-2012
Figure 3: Malaysian GDP Per Capita at Constant Prices (US$), 2008-2012
Figure 4: Malaysian GDP at Current Prices (US$ Billion) 2008-2012
Figure 5: Malaysian GDP Per Capita at Current Prices (US$), 2008-2012
Figure 6: Malaysian GDP by Key Sector (%), 2008-2012
Figure 7: Malaysian Inflation Rate (%), 2007-2013
Figure 8: Malaysian Annual Average Exchange Rate US$-EUR, 2008-2012
Figure 9: Malaysian Unemployment Rate (%), 2008-2012
Figure 10: Malaysian Household Consumption Expenditure (US$ Billion), 2008-2012
Figure 11: Malaysian Gross National Disposable Income (US$ Billion), 2008-2012
Figure 12: Malaysian Total Population (Million), 2008-2012
Figure 13: Malaysian Size of Labor Force (Million), 2008-2012
Figure 14: Malaysian Urban and Rural Populations (%), 2008-2012

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