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> EPF and SOSCO

bibirbieber
post Jan 3 2018, 04:41 PM, updated 6 months ago

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I just joined work after finish my studies. I really can't what is EPF and SOSCO and function of these. Can anyone help me?
bibirbieber
post Jan 3 2018, 05:35 PM

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QUOTE(banhammerZ @ Jan 3 2018, 05:08 PM)
epf is save for old time only can use
sosso is when work time got injury can claim
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some say like we can use for buy house. is it true?
hirano
post Jan 3 2018, 08:53 PM

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QUOTE(bibirbieber @ Jan 3 2018, 05:35 PM)
some say like we can use for buy house. is it true?
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Only epf account 2, it can help with house deposit. But since you just started working, no use. No money yet in there.
najminaruto
post Jan 3 2018, 11:15 PM

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it is called social (plus financial) security. SOSCO is basically a life/accident insurance, KWSP is your retirement savings.
jeyakumar
post Jan 4 2018, 10:55 AM

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QUOTE(najminaruto @ Jan 3 2018, 11:15 PM)
it is called social (plus financial) security. SOSCO is basically a life/accident insurance, KWSP is your retirement savings.
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One important thing. You can only get SOCSO if your accident, illness or death happened while you were working. Even if you paid SOCSO for 40 years, but then injured when you did not have a job, SOCSO will not help you.


bibirbieber
post Jan 4 2018, 01:27 PM

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QUOTE(jeyakumar @ Jan 4 2018, 10:55 AM)
One important thing. You can only get SOCSO if your accident, illness or death happened while you were working. Even if you paid SOCSO for 40 years, but then injured when you did not have a job, SOCSO will not help you.
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So SOSCO is burned if I retire?
jeyakumar
post Jan 4 2018, 05:36 PM

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QUOTE(bibirbieber @ Jan 4 2018, 01:27 PM)
So SOSCO is burned if I retire?
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Correct. Once you retired or you lost or your job or you were fired or you got MSS/VSS, then you will get nothing from SOCSO.
bibirbieber
post Jan 4 2018, 05:38 PM

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QUOTE(jeyakumar @ Jan 4 2018, 05:36 PM)
Correct. Once you retired or you lost or your job or you were fired or you got MSS/VSS, then you will get nothing from SOCSO.
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walaweh.. If like this people will purposely get into accident to claim the money back lorhh..
MiLKTea
post Jan 4 2018, 07:25 PM

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QUOTE(jeyakumar @ Jan 4 2018, 10:55 AM)
One important thing. You can only get SOCSO if your accident, illness or death happened while you were working. Even if you paid SOCSO for 40 years, but then injured when you did not have a job, SOCSO will not help you.
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Not true.

I know a friend who passed away while she no longer working.
Her parents still get the socso compensation benefits.


Even if you don't get the Socso benefits your whole life, think of it as a giveback to the society. Some other people may really need the money.

Moreover, the socso contribution is not much anyway.

jeyakumar
post Jan 4 2018, 08:47 PM

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QUOTE(MiLKTea @ Jan 4 2018, 07:25 PM)
Not true.

I know a friend who passed away while she no longer working.
Her parents still get the socso compensation benefits.
Even if you don't get the Socso benefits your whole life, think of it as a giveback to the society. Some other people may really need the money.

Moreover, the socso contribution is not much anyway.
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That can only be the case if your friend's family was entitled to survivor pension which has strict rules about how you qualify. You don't have to believe me, you can just read it directly from SOCSO website.

https://www.perkeso.gov.my/index.php/en/pencen-penakat

Qualifying Conditions
The Insured Person dies before attaining 60 years (effective from 1 January 2013) of age and fulfills the qualifying conditions either full or reduced qualifying period
The Insured Person who is receiving Invalidity Pension dies regardless of his age

Full Qualifying Period
Insured Person shall be deemed to have completed a full qualifying period if:
Monthly contributions have been paid for at least 24 months within a period of 40 consecutive months preceding the month of his death; or
Monthly contributions have been paid for not less than 2/3 of the complete months comprised between the date when contribution first become payable and the date of his death provided that the total number of monthly contributions paid shall be at least 24 months



MiLKTea
post Jan 5 2018, 09:54 AM

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QUOTE(jeyakumar @ Jan 4 2018, 08:47 PM)
That can only be the case if your friend's family was entitled to survivor pension which has strict rules about how you qualify. You don't have to believe me, you can just read it directly from SOCSO website.

https://www.perkeso.gov.my/index.php/en/pencen-penakat

Qualifying Conditions
The Insured Person dies before attaining 60 years (effective from 1 January 2013) of age and fulfills the qualifying conditions either full or reduced qualifying period
The Insured Person who is receiving Invalidity Pension dies regardless of his age

Full Qualifying Period
Insured Person shall be deemed to have completed a full qualifying period if:
Monthly contributions have been paid for at least 24 months within a period of 40 consecutive months preceding the month of his death; or
Monthly contributions have been paid for not less than 2/3 of the complete months comprised between the date when contribution first become payable and the date of his death provided that the total number of monthly contributions paid shall be at least 24 months
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Exactly.
Based on certain qualifying conditions.

So it is not true to say that even you paid for 40 years you would get nothing.

jeyakumar
post Jan 5 2018, 12:22 PM

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QUOTE(MiLKTea @ Jan 5 2018, 09:54 AM)
Exactly.
Based on certain qualifying conditions.

So it is not true to say that even you paid for 40 years you would get nothing.
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The qualifying conditions exclude most people. SOCSO specifically excludes:
· A person whose wages exceed RM2,000 a month, unless they have already been covered before;
· Government employees;
· Domestic servants employed to work in a private dwelling house, e.g. house servants, cooks, washer woman, gardeners, or driver;
· Employees who have reached the age of 55 (if they continue to work, they should be covered under the Employment Injuries Scheme);
· Self-employed persons; and
· Foreign workers (they should be covered under the Workmen's Compensation Act 1952.)




MiLKTea
post Jan 5 2018, 12:35 PM

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QUOTE(jeyakumar @ Jan 5 2018, 12:22 PM)
The qualifying conditions exclude most people. SOCSO specifically excludes:
·        A person whose wages exceed RM2,000 a month, unless they have already been covered before;
·        Government employees;
·        Domestic servants employed to work in a private dwelling house, e.g. house servants, cooks, washer woman, gardeners, or driver;
·        Employees who have reached the age of 55 (if they continue to work, they should be covered under the Employment Injuries Scheme);
·        Self-employed persons; and
·        Foreign workers (they should be covered under the Workmen's Compensation Act 1952.)
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You suka.
Not my business anyway that you dont see the benefits of socso.
Everyone else, best to refer personally to socso.

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