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Miri is a Malaysian city that lies in Borneo, an island in East Malaysia, known for its lush scenery and its up and coming infrastructure, Miri would be the perfect place for you to conduct your business in. If you’re an up and coming business owner or have already established a business in Miri, you are probably familiar with the SOSCO fund or commonly known in Malay as the PERKESO program.
In essence, SOSCO, which stands for Social Security Organization, or commonly known as PERKESO, is an organization program in Malaysia for the welfare of all employees. This PERKESO program which is run under the Ministry of Human Rights makes sure that all workers or employees in Malaysia are given ample social security protection. If you’re a business owner or a company owner in Malaysia, you are, required by law, to register for the SOSCO and make monthly contributions towards the fund.
As an employer, you will be required to pay the SOSCO fund based on the culmination of the wages listed below:
It is also best to note that SOSCO only applies to your employees who are below the age of 60. In which case the rate of contribution is 1.75% of the employee’s total salary.
Moreover, the employees themselves are also liable to contributing 0.5% of their salary towards the fund.
Below is a small table as an example to illustrate how SOSCO is calculated:
|Total Monthly Wages||Employer Contribution (RM)||Employee Contribution (RM)||Total Contribution (RM)|
|Wage below RM 30||0.40||0.10||0.50|
|Wages between RM 30 and RM 50||0.70||0.20||0.90|
|Wages between RM 50 and RM 70||1.10||0.30||1.40|
|Wages between RM 70 and RM 100||1.50||0.40||1.90|
|Wages between RM 100 and RM 140||2.10||0.60||2.70|
|Wages between RM 140 and RM 200||2.95||0.85||3.80|
|Wages between RM 200 and RM 300||4.35||1.25||5.60|
|Wages between RM 300 and RM 400||6.15||1.75||7.90|
|Wages between RM 400 and RM 500||7.85||2.25||10.10|
|Wages between RM 500 and RM 600||9.65||2.75||12.40|
To formally make an application, you will be required to fill in the following forms:
Along with the submission of form 1, you will also need to submit two copies of the following, as applicable:
Then you may proceed to make the payments needed and the successful applicant will be issued an Employer’s Code Number.
It should be noted that payments can also be made at any SOSCO office, however, since you are situated in Miri, the office to make the application and payments are at the following address:
SOCSO Office in Miri
Lot 1184 & 1185, Blok 9 M.C.L.D,
Miri Water Front Commercial Centre,
98000 Miri, Sarawak
Tel: 085 - 419 800
Fax: 085 - 422 296 / 085 - 416 730
To conclude, SOSCO is a program run under the Ministry of Human Rights that ensures that social security protection is handed to all employees. If you have any doubts toward the registration process, simply contact us at S & F Consulting. In the time being, if you have any doubts or queries, do feel free to direct them to our customer service staff who will delighted to assist you to PERKESO Registration in Miri.
Frequently Asked Questions
Is it compulsory to register for SOSCO?
Yes, it is required by the law.
What will happen if I don’t register for SOSCO?
Employers who fail to register for SOSCO are subject to the following punishment:
What happens if an employee no longer works for me?
If you have dismissed an employee or your employee has resigned, the employer has to clarify with the SOSCO office, in order to remove the employee from the fund list.