JOHOR BARU: The Social Security Organisation (Socso) made benefit payments of up to RM5.7bil to Insured Persons and their dependents last year.
Human Resources Minister Steven Sim Chee Keong said Socso's excellent fiscal flow has helped further increase the sustainability of funds and the ability to pay interest.
He said that the financial performance ended last year also recorded a surplus of RM1.8bil thus recording the best performance since Socso was established in 1971.
"The estimated surplus reached RM1.8bil, which shows an increase of 50%, or even 1.5 times compared to the previous year.
"This success is driven by Socso’s financial achievements in 2023 which recorded positive growth in all aspects, surpassing the previous year," he added.
Sim, who was also the Bukit Mertajam MP, said this in his speech during the Socso Chinese New Year celebration held at a hotel here on Friday (Feb 16).
He added that such success was driven by contribution income and enforcement, which saw a positive growth of 14% as well as an increase in gross investment income to 27% with a Return On Investment (ROI) exceeding 6%.
"It is the result of Socso's proactive measures to increase protection for workers in Malaysia.
"Among them is the enforcement of an increase in the insured salary ceiling and the amendment of the Employment Act 1955 related to the coverage of overtime pay.
"Socso is also encouraged to explore new forms of protection such as protection outside of work, as well as strengthen the quality of governance and services holistically in ensuring more sustainable and universal protection," he added.
Sim said good financial performance and a more dynamic fiscal space would allow Sosco to expand its interests and reinvest.
He added the move in applying various technologies in Socso services would reach many contributors.
"This is one of the spillover effects from the financial integrity recorded by Socso," he said.
In the same event, Sim launched an additional module of Socso’s Prihatin application in an effort to make it easier for Insured Persons to deal with Socso.
He said the new and improved Prihatin application will allow users to check and download contribution statements, Self Employed Social Security Scheme (SKSPS) registration, benefit calculation, obtain general information and access Sahabat Prihatin.
"This application will also be updated for 2024 covering Rehab Navigator such as the delivery of medical goods including protection products and the social security market.
"The Socso Matrix portal, which is now known as the Prihatin website, will also be improved to have the same functionality through the website," he said.
