KUALA LUMPUR, Nov 16 — You see it every month on your payslip: a small deduction labelled Socso, amounting to just a few ringgit.
For some, they know that it is another statutory deduction made alongside their Employees Provident Fund (EPF) contributions and income tax.
Unlike EPF, which primarily helps Malaysians build retirement savings, the Social Security Organisation (Socso) or Perkeso (Pertubuhan Keselamatan Sosial) as it is sometimes referred to, provides protection against employment-related accidents, occupational diseases, permanent disability and certain other circumstances, depending on the scheme and eligibility requirements.
With Budget 2027 introducing new incentives to expand social protection among gig workers and the self-employed, you may want to pay attention to some of these changes.
