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Employee Benefits in Malaysia

  • January 2015
  • 49 pages
  • Timetric
Report ID: 2625801

Summary

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Synopsis
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.

Summary
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

Scope
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.

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