Market Research Report
Employee Benefits in Malaysia 2018
|Published by||GlobalData||Product code||323169|
|Published||Content info||44 Pages
Delivery time: 1-2 business days
|Employee Benefits in Malaysia 2018|
|Published: September 10, 2018||Content info: 44 Pages||
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 Worker's 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.