Employee Insurance Scheme Malaysia

We lay out everything about the employee insurance scheme right here.

Employee insurance scheme malaysia. This product provides compensation in the event of admission due to an accident or illness. Employee benefits are optional and non wage compensation provided to employees in addition to their regular salary it includes health dental vision life and more. Must have paid contributions to socso eis for a minimum number of months within a specified period. Coverage is 24 7 and is designed specially for your employees.

Last week prime minister datuk seri najib razak announced that the government has agreed to implement the proposed employment insurance scheme eis. First introduced in 2018 the employment insurance system eis is a scheme that offers you unemployment benefits and job search assistance should you lose your job for reasons like retrenchment redundancy and so on. Used for only when you lose your job. Malaysia on the other hand is catching up to provide retrenchment benefits to unemployed malaysians.

Apply within 60 days after their loss of employment loe. We offer comprehensive insurance solutions to small and medium sized enterprises. Because as mentioned earlier eis is only a job loss coverage scheme i e. Is the leading insurer in the employee benefits insurance market in malaysia.

Our comprehensive range of employee benefits and group insurance products and services include. With rising medical costs you need a medical program that is cost effective to ensure your most valuable asset your employees are protected. The insurance scheme would make it cheaper for employers to lay off workers in order to upgrade their technology and automate their businesses compared to the current workers protection scheme. Proposed by prime minister datuk seri najib razak the employment insurance scheme eis is expected to be tabled in parliament in the july august 2017 sitting.

The insurance scheme which will be administered by the social security organisation socso seeks to provide temporary financial assistance for up to six months to workers who are retrenched. Insurance benefits for employees. The new employment insurance scheme by socso hence to protect employees who face risk of retrenchment the malaysian government launched an employment insurance scheme on 27 october this year. There is also disability income protection plan retirement benefits childcare tuition reimbursement sick leave vacation education funding and flexible and alternative work arrangements.

Meet our contributions qualifying conditions cqc i e. The government announced that the employee insurance scheme is intended to take effect in 2018.