Release Note - version 1.13.5

Release Date: 11 October 2024 (Friday) 

Country: Malaysia

We are pleased to announce the release of Financio Payroll version 1.13.5, which includes important updates in compliance with the latest statutory requirements from the Malaysia Social Security Organization (SOCSO). 

Key Update:

Effective from 1st October 2024, SOCSO has revised the monthly salary ceiling for contributions. This change aims to provide enhanced benefits for employees with salaries exceeding RM5,000.

Details of the Update:

New Salary Ceiling: The salary ceiling for SOCSO and Employment Insurance System (EIS) contributions has been increased from RM5,000 to RM6,000 per month.

Impact: This update will affect contributors with salaries of RM5,000 and above.

Implementation: The revised contribution rates have been published on the SOCSO website as of 1st October 2024. Click here to view the details.

Financio Payroll Update: 

Financio Payroll has been updated to incorporate these changes. The new salary ceiling will be reflected in employee salary calculations starting from October 2024 onwards.

Other minor updates:

i) Employee Tax Exemption UI - label update on tax relief items for easy references.

ii) Enable payroll deduction selection option in EA form Part B1 (a) configuration setting.

If you have any questions or need further assistance, please do not hesitate to contact our support team.