Savings Goal Calculator

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Savings Goal Calculator

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Frequently Asked Questions About Saving Goals
  • What is PCB in Malaysia?
  • Who is eligible for EPF contributions in Malaysia?
    In Malaysia, all employees earning a basic salary of RM5,000 or less per month are required to contribute to the Employees Provident Fund (EPF). This includes both local and foreign workers, full-time and part-time employees, and those who are self-employed. Employers are also required to make matching contributions on behalf of their employees. The EPF is a mandatory savings scheme that helps employees save for their retirement. The contributions made to the EPF are tax-free and can be withdrawn by the employee at retirement, or used for certain specified purposes such as housing, education, and medical expenses.
  • What is the SOCSO contribution rate in Malaysia?
    The Social Security Organization (SOCSO) contribution rate in Malaysia is set by the government. As of my knowledge cutoff of 2021, the contribution rate for employees is 0.5% of their monthly earnings, up to a maximum of RM150 per month. Employers are also required to contribute a matching amount of 0.5% of their employees' monthly earnings. The total contribution, both by employees and employers, is capped at 1% of the employees' monthly earnings, with a maximum contribution of RM150 per month. The contributions made to SOCSO are used to provide social security protection for employees in the event of injury, disablement, or death as a result of an employment-related accident or illness.
  • What are the benefits of EIS contributions in Malaysia?
    In Malaysia, the Employment Insurance System (EIS) is a social security scheme aimed at providing financial support to employees who have lost their jobs due to redundancy, retrenchment, or other circumstances beyond their control. Contributions to the EIS are made by both employees and employers, and the benefits provided include a lump-sum payment, unemployment allowance, and job search assistance. The exact benefits provided by the EIS may vary depending on the employee's salary and length of service.
  • Can I withdraw my EPF before retirement in Malaysia?
    Yes, in Malaysia, members of the Employees Provident Fund (EPF) can withdraw their EPF savings before retirement under certain circumstances. Some of the eligible reasons for EPF withdrawal before retirement include:
    • Purchase of first home
    • Children's education
    • Medical treatment
    • Retirement before age 55
    • Financing of business or investment
    • Critical illness

    Each of these reasons for EPF withdrawal has specific conditions that must be met in order to be eligible. For example, to withdraw for the purpose of purchasing a first home, the member must have a minimum of 8 years of continuous EPF contributions. The member must also have sufficient funds in their EPF account to cover the withdrawal. The EPF withdrawal rules and requirements may change from time to time, so it's important to check the current rules before making a withdrawal.
  • What is the process for making a SOCSO claim in Malaysia?
    In Malaysia, the process for making a claim under the Social Security Organization (SOCSO) scheme typically involves the following steps:
    • Report the injury or illness to your employer: This should be done as soon as possible after the injury or illness occurs.
    • Obtain medical treatment: If you have suffered an injury or illness, you will need to receive medical treatment. If the injury or illness is work-related, you may be eligible to receive treatment through SOCSO.
    • Complete the SOCSO claim form: You or your employer will need to complete the SOCSO claim form and provide any supporting documentation, such as medical reports, pay slips, and other relevant information.
    • Submit the SOCSO claim form: Once the claim form and supporting documentation are complete, you or your employer will need to submit the claim to SOCSO.
    • Wait for SOCSO's decision: SOCSO will review your claim and make a decision on your eligibility for benefits. This process may take several weeks, or even months.
    • Receive benefits: If your claim is approved, you will receive benefits from SOCSO in accordance with the terms of the scheme.

    It's important to note that the specific requirements and procedures for making a SOCSO claim may change from time to time, so it's important to check the current rules before making a claim.
  • Can I opt out of SOCSO coverage in Malaysia?
    No, participation in SOCSO is mandatory for employees and employers in Malaysia.
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