What is EIS, EPS, and SOCSO on your pay slip, why it is important and how do you calculate it?
Have you ever wonder or seen a job advertisement where it states “Salary + EIS + EPF + SOCSO”. This is important as it will affect your take-home pay. You have to make sure that your given salary already includes EIS, EPF and SOCSO. Otherwise, your basic salary will be deducted. Let us see what those terms means, why it is important and how does it affect your take-home pay. Let’s take an example that your basic salary as RM 3000.
EIS is a financial scheme aimed at helping employees who have lost their job and is manage by SOCSO. Detailed rate can be found here.
EPF is federal statutory body and it manages the compulsory savings plan and retirement planning for private sectors in Malaysia. Detailed rate can be found here.
SOCSO (Social Security Organization) which provides social security protections to all employees/workers in Malaysia. All companies are required to contribute to SOCSO. Detailed rate can be found here.
Now let's take a look at how much is your take-home pay.