Legislative Update for PeopleSoft HCM Global Payroll for Malaysia - SOCSO-EIS Rate Changes 2022

The Ministry of Human Resources through the Social Security Organization (SOCSO)  implemented new salary ceilings for contributions from RM4,000 to RM5,000 per month starting  1^st September 2022.  For employees whose wages are more than RM5,000 a month, the contribution rate shall be in the salary group of RM5,000 a month.

The transition period for employers to comply with the new contribution rates will be six months starting from 1^st  September 2022 to 28^th  February 2023.

More information on this has been provided in our Position Statement which can be found at My Oracle Support, Document ID < 2847481.1>.  

We encourage our customers to review the latest statement to keep up to date.