HIGHER SOCSO PENSIONS FOR 328,056

Beneficiaries to get up to 10pc more

THEY include recipients of the permanent disability benefit, invalidity pension and survivor’s pension. The revised payments are higher by up to 10.4 per cent, and are backdated to Sept 1. The arrears of RM72.62 million will be paid from Dec 26.

OVER 300,000 Social Security Organisation (Socso) beneficiaries will receive an increase of up to 10 per cent in pensions to help alleviate the rising cost of living.

Payment of arrears will be made from Dec 26 to former contributors who were getting payments from pension schemes under Socso or schemes for their dependents in or before 2014.

Human Resources Minister Datuk Seri Richard Riot said the adjustment rate would be as high as 10.4 per cent and as low as 1.2 per cent for the 328,056 beneficiaries.

“The different rates are due to the various pension payment received, where one may have received a higher payout compared with another in an earlier year,” said Riot in a press conference here.

He said the adjustments, as of Sept 1, were in line with the 10th Actuarial Studies report, and this would be the first adjustment made since 2012.

The increase includes those who received payments from the dependents’ benefit, permanent disablement benefit, invalidity pension and survivors’ pension schemes.

Pensioners will receive a different rate per year; 2011 and before (10.4 per cent), 2011 (8.3 per cent), 2012 (6.6 per cent), 2013 (4.4 per cent) and before 2014 (1.2 per cent). Under the new adjusted rates, RM72.62 million have been allocated for the payment of arrears for this year.

“On top of that, they will be spending RM238 million to pay out the arrears next year.

“Socso has already spent RM2.9 billion allocated for pensions last year and more than RM3 billion this year,” he said.

“This shows that the government, through its agencies, are concerned for the people, and are always on the lookout to find ways to help people reduce their burden,” said Riot.

Socso, which was established in 1971, has more than 6.8 million contributor.

Since its establishment, the contribution rate per person had always been consistent.

PIC BY SAIFULLIZAN TAMADI Human Resources Minister Datuk Seri Richard Riot (centre) at a press conference in Kuala Lumpur yesterday. With him are secretary-general Dr Mohd Ghazali Abas (left) and Socso chairman Tan Sri Dr Aseh Che Mat.