As Singapore positions itself as a global hub for talent, the government’s recent changes to Employment Pass (EP) salary criteria and enforcement of fair hiring practices reflect a strategic shift in how companies attract and retain talent.
The Social Security Organisation (Perkeso) will enforce a new salary ceiling for contribution purposes, raising it from RM5,000 to RM6,000, effective October 1, 2024.
This enforcement follows amendments to the Workers’ Social Security Act 1969 (Act 4) and the Employment Insurance System Act 2017 (Act 800).
The increase in the salary ceiling will provide enhanced benefits to employees earning more than RM5,000, with benefit payment rates rising by up to 20.2%.
Starting from October 1, 2024, the revised contribution amounts for employees earning more than RM5,000 and RM6,000 per month will be applied as outlined in the Third Schedule of Act 4 and the Second Schedule of Act 800.
For more information on the contribution rates, please refer to the table at https://www.perkeso.gov.my/en/rate-of-contribution.html.
Starting in July 2024, Shanghai and Beijing introduced new upper and lower limits on salary bases for social contributions and housing funds, which directly impact both employer and employee contributions.
In a rapidly changing global economy, Malaysia’s consistently low unemployment rate stands as a beacon of resilience and opportunity. But beyond the numbers, what does this mean for the everyday Malaysian?
In today’s fast-evolving digital landscape, building a resilient workforce requires more than just traditional HR practices, it demands the integration of advanced technology and strategic insights tailored to the unique challenges of the Malaysian business environment.
California’s labor market is as vibrant as it is volatile. Known for its diverse industries, from cutting-edge technology hubs in Silicon Valley to the entertainment capital of Los Angeles, the state’s economic landscape attracts talent from around the globe.
Notifications have been received from various local governments to adjust the social contribution and housing fund caps, effective July 1, 2024.
Malaysia stands as a dynamic gateway to Southeast Asia, strategically located just above the equator between the Indian Ocean and the South China Sea. This prime location ensures excellent connectivity, with robust air and shipping routes servicing the nation.
Starting from 10 July, eligible individuals can apply for the new Mainland Travel Permit via China Travel Service (CTS) offices in Macao or Hong Kong.
With reference to the announcement by the authority in Vietnam, kindly be informed about there are changes in the base and regional minimum wages in Vietnam, effective 1st July 2024.