Employee Benefits in Malaysia 2018
The Malaysian Social Security System is based on two pillars: the Employees Provident Fund and the Social Insurance System. Pensions in Malaysia are covered by the Employees Provident Fund, which acts as a fundamental support to the Malaysian pension system and deals with the provision of extensive social security functions. The social insurance system is administered by the Social Security Organization (SOCSO), and provides financial assistance to insured employees and their dependents in the event of accidents that may result in death, disability or illness or an occupational disease. SOCSO provides two types of insurance scheme to employees: the employment injury scheme and disability scheme. Generally, foreign workers are not covered by SOCSO, but under the Workers Compensation Act, they are entitled to receive benefits in the event of a work-based injury. Various reforms have been introduced to improve financial security in retirement by encouraging longer contributions and more prudent distribution of accumulated assets through various incentives. As in many Asian and western countries, Malaysia has also seen adverse demographic developments and needs to restructure its system to deal with future financial challenges. Occupational pensions are not very common in Malaysia, and are mostly limited to larger employers.
The report provides in-depth industry analysis, information and insights of the employee benefits in Malaysia, including: overview of the state and compulsory benefits in Malaysia, detailed information about the private benefits in Malaysia, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Malaysia.
- State benefits are granted by the government of a country to all employed, self-employed, and unemployed residents and dependents.
- Private benefits are benefits granted over and above state and compulsory benefits, usually at the discretion of an employer.
- The social insurance system is administered by SOCSO, and provides financial assistance to insured employees and dependents in the event of accidents that may result in death, disability or illness, or an occupational disease.
- Compulsory benefits are generally provided to employees by employers, and are mandated by law.
- This report provides a detailed analysis of employee benefits in Malaysia.
- It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
- It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, leave and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in Malaysia.
Reasons to buy
- Make strategic decisions using in-depth information related to employee benefits in Malaysia.
- Assess Malaysian employee benefits market, including state and compulsory benefits and private benefits.
- Gain insights into the key employee benefit schemes offered by private employers in Malaysia.
- Gain insights into key organizations governing Malaysian employee benefits, and their impact on companies.
Table of Contents
1 EXECUTIVE SUMMARY
2.1 What is this Report About?
3 COUNTRY STATISTICS
4 OVERVIEW OF EMPLOYEE BENEFITS IN MALAYSIA
6 STATE AND COMPULSORY BENEFITS
6.1 Retirement Benefits
6.1.2 Types of Retirement Plan
6.1.5 Pensionable Salary
6.1.7 Payment Options
6.1.8 Typical Employer Practice
6.1.9 Employee and employer contributions
6.2 Death in Service
6.2.4 Payment Options
6.2.5 Typical Employer Practice
6.2.6 Employee and employer contributions
6.3 Long-Term Disability Benefits
6.3.4 Payment Options
6.3.5 Employee and employer contributions
6.4 Short-Term Sickness Benefits
6.4.4 Payment options
6.4.5 Typical employer practice
6.4.6 Employee and employer contributions
6.5 Medical Benefits
6.5.4 Typical Employer Practice
6.5.5 Employee and employer contributions
6.6 Workmens Compensation Insurance
6.6.4 Payment Options
6.6.5 Employee and employer contributions
6.7 Maternity and Paternity Benefits
6.7.4 Payment Options
6.7.5 Typical Employer Practice
6.8 Leave and Holidays
6.8.1 Annual Leave
6.8.2 Public Holidays
6.8.3 Observance Holidays
7 PRIVATE BENEFITS
7.1 Retirement Benefits
7.2 Death and Disability Benefits
7.3 Medical and Health Benefits
7.4 Other Benefits
8.2 Contact GlobalData
8.3 About GlobalData
8.4 GlobalDatas Services
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Malaysia - Country Statistics
Table 3: Malaysia - Public Holidays
Table 4: Malaysia - Observance Holidays
List of Figures
Figure 1: Malaysia- Main Institutions of Social Security System
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