The Employees’ Social Security Act 1969 (‘SOCSO Act’) and the Employment Insurance System Act 2017 (‘EIS Act’) have been amended by the Employees’ Social Security (Amendment) Act 2022 (‘SOCSO Amendment Act’) and the Employment Insurance System (Amendment) Act 2022 (‘EIS Amendment Act’) respectively from 1 September 2022.
The main amendment made to the SOCSO Act under the SOCSO Amendment Act is to increase the maximum limit of the insurable amount of monthly wages of an employee from RM4,000 to RM5,000 per month.
Similarly, the main amendment made to the EIS Act under the EIS Amendment Act is to increase the maximum limit of the insurable amount of wages of an employee from RM4,000 to RM5,000 per month.
Consequent on the above-referred amendments, the rates of contribution in certain schedules to the SOCSO Act and the EIS Act have also been amended pursuant to the SOCSO Amendment Act and the EIS Amendment Act respectively.
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