Malaysia's Pension System
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The document summarizes the major pension systems in Malaysia, including the Employment Provident Fund (EPF) for private sector workers, the Civil Service Pension Scheme for government employees, the Armed Forces Fund (LTAT) for military personnel, the Social Security Organization (SOCSO) which provides injury and death benefits, and social pensions for destitute elderly people. The EPF is a mandatory defined contribution plan where employees and employers contribute a prescribed percentage to individual accounts. The Civil Service Pension Scheme and Armed Forces Fund provide defined benefits financed by government budgets. SOCSO operates employment injury insurance and provides spousal pensions for those dying before age 55.
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Social Security (SOCSO) / Perlindungan Keselamatan Sosial (PERKESO)
Jobstreet Annual Sales Convention - Success In Sales
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Similar to Malaysia's Pension System
Social Security in Malaysia
This document provides an overview of Malaysia's social protection system, which consists of five pillars: (1) family support; (2) Social Security Organization (SOCSO); (3) pension schemes; (4) Employee Provident Fund (EPF); and (5) personal savings. It describes the role and benefits provided by SOCSO, EPF, and civil service and armed forces pension schemes. These schemes aim to provide coverage for unemployment, healthcare, retirement, disability, death, and other needs for Malaysian workers and their families. Key performance indicators for SOCSO include increased contributions collected and number of benefit recipients.
EPF & SOCSO
The EPF is a social security institution established under Malaysian law to provide retirement benefits by managing members' savings. It has over 14 million members and investments in government securities, money market instruments, loans, bonds, equity and property. Employers must register with and make contributions to the EPF, deducting amounts from employee wages. Employees can withdraw savings for housing, education, medical expenses or upon retirement.
The document also outlines various types of group insurance available including life, accident, medical, and compensation coverage required for foreign workers. Employers must obtain guarantees for foreign worker hospitalization and surgical expenses
National pension Scheme Dilshad Billimoria CFP Dilzer Consultants
National pension Scheme Dilshad Billimoria CFP Dilzer ConsultantsDilzer Consultants: Dilshad Billimoria
The National Pension Scheme is a Defined Contribution Scheme that was set up in 2004 for all Government Employees and was open to the general public in May 2009. It is a social security benefit to create a retirement corpus to meet post retirement income needs, initiated by the Government of India in association with the Pension Regulatory Development Authority.Current scenario of_social_security_in_india_2
India's current social security system faces several challenges. It has limited coverage, is fragmented across different regulatory frameworks, and lacks individual choice and portability. The existing system is also financially unsustainable for the government. To address these issues, India introduced the New Pension System in 2004 to provide a uniform regulatory framework and make the system more sustainable. The NPS is a voluntary pension scheme that is available to all Indian citizens between 18 to 55 years old and provides more investment choices compared to previous government schemes.
Pension and ESIC presentation
The National Pension System (NPS) is India's defined contribution pension scheme that aims to promote old age income security. NPS has two tiers - Tier I is mandatory for government employees and offers no premature withdrawals, while Tier II is voluntary and allows withdrawals. The Pension Fund Regulatory and Development Authority regulates NPS and oversees contributions to individual pension accounts. Eligibility is open to all Indian citizens aged 18 to 55, and contributions are matched by the government for public servants. Subscribers can withdraw funds in phases post-retirement based on rules around purchasing annuities. The Employees' State Insurance Corporation similarly manages a social security scheme offering medical and cash benefits for low-income private employees.
Social security schemes
social security
social security schemes in India
Dr. Mitasha Singh
Resident
Department of community medicine
Dr. RPGMC, Tanda
Labour laws epf, etf, gratuity in sri lanka
The document summarizes key labour laws in Sri Lanka relating to social security, employee welfare, occupational health and safety, employment terms, labour relations, plantation workers, and foreign employment. It focuses on laws establishing social security programs including the Employees Provident Fund (EPF), Employees Trust Fund (ETF), and gratuity payments. The EPF and ETF require monthly contributions from employers and employees to provide benefits like pensions, life insurance, and medical assistance. Gratuity provides lump sum payments to employees based on years of service and salary upon termination or retirement. Exceptions and claiming processes are outlined for each program.
Social security schemes
This document discusses social security schemes in India, including for organized and unorganized sectors. It provides 3 key points:
1) Social security schemes aim to provide protection to individuals and families against economic and social distress from situations like sickness, maternity, employment injury, unemployment, old age, and death. They traditionally were the responsibility of families but formal social security emerged with industrialization.
2) Schemes for organized sector workers include ESIS, EPF, EDLI, and CGHS which provide benefits like health insurance, pension, and gratuity. Schemes for unorganized sector workers include NSAP, MGNREGA, RSBY, APY and provide social assistance, employment, and insurance.
Socialsecurityschemes in india
This document discusses social security schemes in India, including those for organized and unorganized sectors. It provides details on several key schemes:
- For organized sectors, it outlines Employees' State Insurance Scheme, Employees' Provident Fund, Payment of Gratuity Act, Maternity Benefit Act, and Central Government Health Scheme.
- For unorganized sectors, it describes several centrally funded social assistance programs like National Old Age Pension Scheme, National Family Benefit Scheme, and National Rural Employment Guarantee Act. It also discusses social insurance schemes like Aam Aadmi Bima Yojana and Rashtriya Swasthya Bima Yojana.
- It notes the need to expand
Corporate social responsibility ppt
This document provides information on corporate social responsibility and various social security schemes in India, including the Employee State Insurance Act, 1948, The Workmen's Compensation Act, and the Employee's Provident Fund Act, 1952. It describes the medical benefits, sickness benefits, maternity benefits, disablement benefits, and dependent benefits provided under the Employee State Insurance Act. It also outlines the compensation provided for work-related injuries under The Workmen's Compensation Act and contributions to the provident fund, pension fund, and insurance schemes under the Employee's Provident Fund Act.
The employees provident funds and miscellaneous provisions act
The document summarizes the Employees Provident Funds and Miscellaneous Provisions Act of 1952 in India. The key points are:
1) The Act seeks to provide retirement benefits like provident funds, pension funds and insurance to employees in registered establishments.
2) It is administered by the Employees' Provident Fund Organization and applies to establishments with 20 or more employees.
3) The Act establishes schemes for provident funds, pension funds and insurance that employees and employers must contribute to monthly. Benefits include tax-free savings and payments on retirement, death or disability.
4) The Employees Provident Fund Scheme specifies contribution rates and eligibility. The Pension Scheme provides lifetime pensions based on salary and
Chap6
This document provides an overview of the Employee State Insurance Act (ESI Act) of 1948 in India. Some key points:
- The ESI Act provides social security benefits like health insurance, sickness benefits, maternity benefits, disability benefits to employees in the organized sector.
- It is administered by the Employee State Insurance Corporation through a network of hospitals, dispensaries, clinics across India.
- Employees and employers contribute a percentage of wages each month to fund the social security benefits.
- Benefits include free healthcare for employees and dependents, sickness benefits for time off work, maternity benefits for insured women, and disability benefits for employment-related injuries.
- Over time, the
Employees provident fund 1952
1. The Employees' Provident Fund Act 1952 established 3 schemes - the Employees' Provident Fund Scheme, the Employees' Pension Scheme, and the Employees' Deposit Linked Insurance Scheme.
2. The Act applies to establishments with 20 or more employees and seeks to provide benefits like provident funds, family pension, and deposit-linked insurance to employees.
3. Key aspects include mandatory contributions from employers and employees, withdrawal eligibility after age 55 or incapacity, and protections against attachment of funds by courts. Administration is overseen by central and state boards with representatives of governments, employers, and employees.
Social security schemes in india mrigesh
The document provides an overview of social security schemes in India, including social insurance schemes like Employee's State Insurance (ESI), Employee's Provident Fund (EPF), Central Government Health Scheme (CGHS), and Workmen's Compensation Act as well as social assistance schemes. Key details are provided on eligibility, benefits, and funding for major schemes like ESI, EPF, and Pradhan Mantri Jan Dhan Yojana. The document also briefly outlines some schemes targeted towards specific populations such as ex-servicemen and artisans.
Pf act, 1952
The document discusses the Employees' Provident Fund Act of 1952 which establishes a mandatory contributory pension fund for employees in India. The key points discussed are:
- The act created a provident fund to provide financial security for employees upon retirement or for dependents in case of death. The Employee Provident Fund Organization (EPFO) manages the fund.
- The fund consists of the Employees' Provident Fund (EPF), Employees' Pension Scheme (EPS), and Employees' Deposit-Linked Insurance (EDLI) scheme.
- 12% of an employee's salary is contributed to EPF each month by the employee and employer. A portion also goes to EPS and EDLI to provide pension
ONGC_PENSION&MEDI.ppt
The document summarizes the pension and medical benefits for ONGC employees. It discusses the following:
1) The gratuity limit is Rs. 10 lakh and amounts over Rs. 3.5 lakh were previously taxable.
2) There is a compulsory employee pension scheme that provides benefits ranging from Rs. 1282-1912 per month.
3) The existing post-retirement medical benefits scheme is being converted to a defined contribution scheme in line with DPE guidelines to ensure guaranteed benefits are not provided.
4) Key questions around eligibility and treatment of employer contributions in cases of death or resignation with less than 15 years of service are raised for discussion.
Untitled document (2).pdf
Having secured a job, an individual aspires for a better life, a comfortable home, health care, and a pension to take them easily through retirement blues. Key to lead the life out of retirement blues is pension planning for which the savings through Employees’ Provident Funds are important.
Types of fringe benefits
This document summarizes various types of old age and retirement benefits provided to employees in India, including provident fund, pension, deposit linked insurance, medical benefits, and gratuity. Provident fund requires a 12% contribution from employees' basic wages each month and can be withdrawn after age 54. Pension provides family pension and life insurance benefits based on employee contributions. Deposit linked insurance provides additional insurance payouts for employees who die in service. Medical benefits cover retired employees' medical expenses. Gratuity provides a lump sum payment after 5 years of continuous service based on 15 days wages for each year of service.
sbf_iocl_19.11.12.pptx
This document summarizes the salient features of the Indian Oil Corporation Limited Employees Superannuation Benefit Fund Scheme and Post Retirement Medical Benefit Facility. It provides details on eligibility, contributions, benefits and annuity options under the SBF Scheme. It notes that the SBF Scheme was converted from a defined benefit to defined contribution scheme in 2007. It also outlines the medical benefits provided under the PRMBF, including annual ceilings and hospitalization coverage. It raises a concern about employees with less than 15 years of service being ineligible for pension and medical benefits upon superannuation.
Dalmia pf act revised new
The document summarizes the key provisions of the Employees' Provident Funds and Miscellaneous Provisions Act of 1952 in India. It applies to establishments with 20 or more employees and requires employers to contribute 10-12% of employees' wages to a provident fund. The fund provides for retirement benefits, family pension upon death, and withdrawal in certain situations like illness or marriage. It is managed by a Central Board of Trustees and Regional Provident Fund Commissioners.
Similar to Malaysia's Pension System (20)
National pension Scheme Dilshad Billimoria CFP Dilzer Consultants
National pension Scheme Dilshad Billimoria CFP Dilzer Consultants
The employees provident funds and miscellaneous provisions act
The employees provident funds and miscellaneous provisions act
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Malaysia's Pension System
- 1. Compensition & Benefits Management Pension System in Malaysia
- 3. Employment Provident Fund (EPF) • Private sectors workers. • It’s defined contribution, mandatory plan for employees and employer based on a prescribed rate of contribution accumulated as saving in a personal account (13% + 11% -effective on september 2013). • Gross contributions are channeled into two account. Account 1 (for retirement and be withdrawn only when reaches 55 years). Account 2 ( housing, tertiary educate, health needs and can be withdrawn at age 50).
- 4. • Benefit pension scheme financed fully from the government budget without any contributions from beneficiaries. • Minimum retirement age is 60 years. • Minimum 10 years of service is required to be eligible for a pension. • Provisions for those who are injured or die during service. Civil Service Pension Scheme
- 5. The Armed Forces Fund (LTAT) • It’s mandatory for all military personnel who are not commisioned officers. • It’s a defined- contribution scheme at a rate of 10 % of monthly salary employees and 15% from the government as employer. • The age for fully withdrawn is 50.
- 6. Social Security Organization (SOCSO) • Employees Social Security Act of 1969 is based on social insurance principles. • It operates the Employment Injury Insurance Scheme. • The former provides medical, disability, death and rehabilitation benefits for workers injured on the job. • The rate of contribution for the injury scheme is 1% (employer) 0.5% (employee). • SOCSO provides pension for spouse on the death of actively employed beneficiaries younger than 55.
- 7. Social Pensions • Malaysia’s Department of Social welfare provides a monthly pension of RM300 the people older than 60 who are destitute, infirm, and have no next of skin.
- 8. The End………