KUALA LUMPUR, April 4 — Putrajaya is seeking to introduce a social security scheme for self-employed Malaysians in a new Bill tabled in Dewan Rakyat today.
The Self-Employment Social Security Bill tabled by the Human Resources Ministry today will make it mandatory for self-employed individuals to contribute to a fund similar to the Social Security Organisation (SOCSO) that applies to salaried workers.
Putrajaya will form an organisation for the Self Employment Social Security Scheme to handle the funds and handing over of benefits to individuals who are insured under this bill.
The organisation will be led by a director-general and more than one deputy director general, to be appointed by the human resources minister in consultation with the Finance Ministry.
Those who fail to register and contribute as prescribed in the schedule could be fined up to RM10,000 or jailed no more than two years or a combination of the two.
Monthly contributions range from RM13.10 to RM49.40, depending on the insured person’s monthly income.
The income range covered is from RM1,050 to RM3,950 per month.
Funds received may be invested by the organisation according to conditions set by the Human Resources Ministry and Finance Ministry.