Malaysia PCB, EPF, SOCSO, And EIS Calculator

PCB, EPF, SOCSO And EIS Calculator

PCB, EPF, SOCSO and EIS Calculator

Salary

Bonus

Net Salary

RM 0

	Employer	Employee	Sub-Total
EPF:	0	0	0
SOCSO:	0	0	0
EIS:	0	0	0
PCB:		0	0
Total:	0	0	0

Frequently Asked Questions About Malaysia PCB, EPF, SOCSO and EIS

What is PCB in Malaysia?

PCB stands for Potongan Cukai Berjadual, which is the Malay term for Scheduled Tax Deduction. In Malaysia, PCB is the process by which employers deduct a portion of an employee's salary each month to pay for income tax. The deductions are made based on a tax schedule provided by the Inland Revenue Board of Malaysia (IRBM). The amount of tax deducted depends on the employee's salary and other taxable income, and the deductions are credited towards the employee's annual income tax liability. The purpose of PCB is to ensure that employees pay their taxes in a timely manner and to simplify the tax collection process for the IRBM.
Who is eligible for EPF contributions in Malaysia?

In Malaysia, all employees earning a basic salary of RM5,000 or less per month are required to contribute to the Employees Provident Fund (EPF). This includes both local and foreign workers, full-time and part-time employees, and those who are self-employed. Employers are also required to make matching contributions on behalf of their employees. The EPF is a mandatory savings scheme that helps employees save for their retirement. The contributions made to the EPF are tax-free and can be withdrawn by the employee at retirement, or used for certain specified purposes such as housing, education, and medical expenses.
What is the SOCSO contribution rate in Malaysia?

The Social Security Organization (SOCSO) contribution rate in Malaysia is set by the government. As of my knowledge cutoff of 2021, the contribution rate for employees is 0.5% of their monthly earnings, up to a maximum of RM150 per month. Employers are also required to contribute a matching amount of 0.5% of their employees' monthly earnings. The total contribution, both by employees and employers, is capped at 1% of the employees' monthly earnings, with a maximum contribution of RM150 per month. The contributions made to SOCSO are used to provide social security protection for employees in the event of injury, disablement, or death as a result of an employment-related accident or illness.
What are the benefits of EIS contributions in Malaysia?

In Malaysia, the Employment Insurance System (EIS) is a social security scheme aimed at providing financial support to employees who have lost their jobs due to redundancy, retrenchment, or other circumstances beyond their control. Contributions to the EIS are made by both employees and employers, and the benefits provided include a lump-sum payment, unemployment allowance, and job search assistance. The exact benefits provided by the EIS may vary depending on the employee's salary and length of service.
Can I withdraw my EPF before retirement in Malaysia?
Yes, in Malaysia, members of the Employees Provident Fund (EPF) can withdraw their EPF savings before retirement under certain circumstances. Some of the eligible reasons for EPF withdrawal before retirement include:
- Purchase of first home
- Children's education
- Medical treatment
- Retirement before age 55
- Financing of business or investment
- Critical illness
Each of these reasons for EPF withdrawal has specific conditions that must be met in order to be eligible. For example, to withdraw for the purpose of purchasing a first home, the member must have a minimum of 8 years of continuous EPF contributions. The member must also have sufficient funds in their EPF account to cover the withdrawal. The EPF withdrawal rules and requirements may change from time to time, so it's important to check the current rules before making a withdrawal.
What is the process for making a SOCSO claim in Malaysia?
In Malaysia, the process for making a claim under the Social Security Organization (SOCSO) scheme typically involves the following steps:
- Report the injury or illness to your employer: This should be done as soon as possible after the injury or illness occurs.
- Obtain medical treatment: If you have suffered an injury or illness, you will need to receive medical treatment. If the injury or illness is work-related, you may be eligible to receive treatment through SOCSO.
- Complete the SOCSO claim form: You or your employer will need to complete the SOCSO claim form and provide any supporting documentation, such as medical reports, pay slips, and other relevant information.
- Submit the SOCSO claim form: Once the claim form and supporting documentation are complete, you or your employer will need to submit the claim to SOCSO.
- Wait for SOCSO's decision: SOCSO will review your claim and make a decision on your eligibility for benefits. This process may take several weeks, or even months.
- Receive benefits: If your claim is approved, you will receive benefits from SOCSO in accordance with the terms of the scheme.
It's important to note that the specific requirements and procedures for making a SOCSO claim may change from time to time, so it's important to check the current rules before making a claim.
Can I opt out of SOCSO coverage in Malaysia?

No, participation in SOCSO is mandatory for employees and employers in Malaysia.

Fincrew PCB, EPF, SOCSO And EIS Calculator

Are you having trouble with your SOCSO calculation? Do you finally note this calculation only to develop issues with accounting for things like tax relief on your monthly salary or a month’s wages? Do you want to learn how to efficiently handle your EPF contributions, monthly tax deduction, and EPF interest rate today? If your answer is a “Yes,” you need our Malaysian salary calculator fast! With this simple tool, you can take control of your finances more efficiently!

Features Of Our Malaysian Salary Calculator

Some of the things you can leverage this tool to do include but aren’t restricted to:

Employees Provident Fund Or EPF Calculation

This EPF calculator in Malaysia helps you easily break down what fraction of your earnings will be allotted to the Employee Provident Fund. Rather than wracking your brain calculating what your EPF contributions to the EPF Scheme should be, you can use this tool to make quick work of that task.

Employment Insurance System Or EIS Calculator

Our tool can also readily double your Employment Insurance System or EIS calculator. Accurately estimating what you’re expected to contribute to the EIS has always been tricky. And, more often than not, many Malaysians end up making mistakes here which directly or indirectly affect their finances. But with our EIS calculator, all of that will become a thing of the past.

Social Security Organization Or SOCSO Calculation

You can also rely on this tool to be your EPF and SOCSO Calculator. As you likely already know, just like with EPF contributions and the EPF interest rate, what you’re expected to pay as your employee contribution for SOCSO changes from time to time. Thanks to our reliable calculator, you won’t need to keep yourself apprised of these updates as we’ll automatically incorporate them into your calculations.

Potongan Cukai Bulanan Or PCB Calculator Malaysia

Arguably one of the most important of what an employer contributes to the government on behalf of their employee(s), you can’t afford to make any errors with your PCB calculation. Also known as Monthly Income Tax, there’s a specific portion of your monthly salary or monthly wages allotted to this scheme. Using our simple PCB calculator, you can quickly and correctly determine what your monthly tax deduction should be here and avoid any unintended run-ins with the law.

Human Resources Development Fund Or HRDF Calculator

The last but by no means most minor thing you can do with our Malaysian salary calculator determines how much you’re expected to pay as an HRDF contribution. Doing this by hand can be tasking, mainly if your company uses various fee structures. We help you bypass much of this stress and give you accurate results completely free of human error. Some other things you can use our PCB, EPF, SOCSO and EIS Calculator for include:

Exporting these reports to excel file format
Calculating overtime fees
Handling management and pay-slip report analysis
Performing all needed statutory accounts where EPF, LHDN, EIS, and SOCSO are concerned
Performing a Human Resources Development Fund payment report analysis, to mention a few.

Why Use Our PCB, EPF, SOCSO And EIS Calculator?

We believe that employees in Malaysia are more than just personnel. They’re people who give their all and, in turn, deserve nothing short of the best. We’ve created a free calculator that can leverage to get peace of mind where things like PCB calculation or EPF contributions rates are concerned. Combined with other tools like our calculator for interest earned on mutual funds and planning advice for retirement age employees, we aim to change how you experience the employment journey.

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