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Malaysia Expat Forum

cost of living

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juddi1
3/3/2013 12:20 EST

Could 2 people live comfortable on social security in Malaysia

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stumpy
3/10/2013 04:19 EST

How much money is the social security. No information to go on.
Check out this website for cost of living www.numbeo.com

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YourIskandarEdmund
8/15/2013 22:07 EST

The Malaysian Social Security system is called SOCSO, or PERKESO (Pertubuhan Keselamatan Sosial). It provides financial assistance to employees and their families in the event of an accident which results in death, disability or illness, or an occupational disease. SOCSO provides two kinds of insurance:

Employment injury insurance
Invalidity pension scheme

Only Malaysian citizens and permanent residents are eligible to contribute to SOCSO and to benefit from its services.

The following individuals are exempt from paying SOCSO:

Business owners and their spouses
Domestic servants
Foreign workers
Government employees
Self-employed people

SOCSO is funded by contributions from both the employer and the employee. The amount paid into the scheme depends on an employee's earnings. It is the employer's responsibility to ensure that their employees are registered with SOCSO; a new employee must be registered within 30 days of starting work. Coverage under the SOSCO system is optional for employees earning more than RM 3,000 per month.

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kebinger
8/16/2013 10:45 EST

Another social security in Malaysia is EPF or Employees Provident Fund. It is a kind of retirement fund. For each employee in the private sector the company has to pay monthly in this fund. 13% of the salary has to be paid by the employer and 11% by the employee and will be deducted from the salary. EPF guarantees a minimum annual interest of 2.5% of the accumulated fund. The accumulated money can be withdrawn at retirement or under some special condition. For Expats the EPF is not compulsory, but it might be a good idea to ask your employer that you wish to become a member.

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kebinger
8/17/2013 07:58 EST

Hi Juddi1,

Difficult to say without knowing how much is your social security.

But if you can survive on it in a western country you should be able to live comfortably in Malaysia.

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