Legislative Update for PeopleSoft HCM Global Payroll for Malaysia - Budget Changes 2024

The Malaysian Government presented the budget on 13th October 2023, for the Financial Year 2024-25.

In the 2024 Budget, there has been an announced increase in the monthly salary ceiling for the contribution of SOCSO and annual tax relief extension and expansion of various deductions and exemptions from Year of Assessment 2024 to 2027.

The Position Statement has been revised to include more details about these legislative updates and the patch availability. We encourage our customers to review the position statement regularly to keep up to date. The Position Statement can be found on My Oracle Support, Doc ID 2973834.1