80% of salary for Socso contributors under EIS (Updated)

PETALING JAYA: Retrenched workers stand to receive 80% of their last-drawn salary under the Employment Insurance Scheme (EIS) for the first month from next year following maturity of the EIS contribution, said Social Security Organisation (Socso) chairman Tan Sri Aseh Che Mat.
"For example, let's say an individual who used to earn a salary of RM1,000 per month is retrenched. He will be entitled to receive RM800 for the first month under the scheme," Aseh said in a press conference after a working visit to Socso's Petaling Jaya branch today.
The amount then reduces to 50% for the second month, the third and fourth months at 40% each, and the last two months at 30% each.
The EIS was announced on Dec 5 last year, and it established that contributors are entitled to receive an interim benefit of RM600 per month for three months this year.
It is being implemented as a social security net aimed at financially helping workers who have lost employment and are looking for a new job.
Also present was Socso board member Datuk Abdul Halim Mansor who said that individuals are entitled to receive the 80% payout for the first month.
However, should an individual gain employment within the six-month period and is being paid under the scheme, they will receive 25% of the remaining lump sum.
On a separate note, Aseh said the EIS has recorded a contribution collection of RM36.8 million, this year up to March 9, from 292,250 employers across the nation.
"The increase in contribution collection is encouraging as the amount is almost double in less than a month, that is, from RM19,922,407 as on Feb 15," he added.
Aseh said to date, there were 3,068 EIS payment applications, with 1,650 applicants having received the interim payments amounting to RM960,000.
Socso had reportedly said that it targeted RM479.5 million in EIS contribution collection, involving 403,000 employers and 6.6 million workers who contributed to Socso.
Earlier, Aseh handed out cheques and a wheelchair to eight Socso benefit recipients, including three who received EIS payments. The government had allocated RM122 million for the EIS scheme, with RM103 million for the programme coming from Socso.