According to Human Resources Minister Steven Sim Chee Keong, Socso paid out a total of RM5.7bil in benefit payments to Insured Persons and their dependents in the previous year, contributing to the organization’s strong fiscal standing and its ability to pay interest.
Sim revealed that Socso ended last year with a surplus of RM1.8bil, which is the highest recorded since its establishment in 1971. The estimated surplus represents a 50% increase compared to the previous year, highlighting Socso’s financial achievements in 2023.
Sim made these remarks during his speech at the Socso Chinese New Year celebration held at a hotel in Johor Bahru on Feb 16th.
Attributing the organization’s success to contribution income and enforcement, Sim reported a 14% positive growth. Additionally, gross investment income saw an increase to 27%, with a Return On Investment (ROI) exceeding 6%, driven by Socso’s proactive measures to enhance protection for Malaysian workers.
Key initiatives include an increase in the insured salary ceiling, as well as amendments to the Employment Act 1955 related to the coverage of overtime pay. Socso also aims to explore new forms of protection and strengthen the quality of governance and services holistically to ensure more sustainable and universal protection.
Sim emphasized that Socso’s strong financial performance and dynamic fiscal space would allow for the expansion of interests and reinvestment. He also highlighted the integration of various technologies into Socso services to reach a broader audience of contributors.
During the celebration, Sim launched an additional module of Socso’s Prihatin application, which will offer enhanced features to make it easier for Insured Persons to interact with Socso. The updated application will allow users to access contribution statements, register for the Self Employed Social Security Scheme (SKSPS), calculate benefits, obtain general information, and access Sahabat Prihatin.
In the coming year, the application will be further updated to include the Rehab Navigator module, offering medical delivery and social security products. Furthermore, the Socso Matrix portal, now known as the Prihatin website, will also be improved to provide the same functionality through the website.
