Legislative Updates for PeopleSoft Global Payroll Malaysia
By Carolyn Cozart on Feb 13, 2013
SOCSO retirement age changes from Jan 2013
With effect from 1 Jan 2013, Employee Social Security Act (amendment) 2012 amends disability pension scheme age eligibility limit from 55 to 60 years. Employers are required to contribute the SOCSO Contribution according to the First contribution rate type for Employment Injury Scheme and Invalidity Pension Scheme until their employee’s achieve 60 years.
Our Position Statement has been revised to include these legislative updates and the delivery timelines for the respective changes. We advise customers to review the position statement to keep up-to-date. The Position Statement can be found on My Oracle Support, Document ID 1528264.1.