Socso paid out RM5.73 billion in benefits last year – Sim

JOHOR BAHRU, Feb 16 (Bernama) — The Social Security Organisation (Socso) made benefit payments of up to RM5.73 bil to Insured Persons (IPs) and their dependents last year, said Human Resources Minister Steven Sim Chee Keong.

He said that the agency made similar payments of RM5.1 billion in 2022 and Socso’s overall financial performance in 2023 was the best since Socso was established in 1971.

 “This success can be attributed to Socso’s financial performance ended last year, which recorded positive year-on-year growth in all aspects…(including) through contribution income and enforcement, which recorded a positive growth of 14 per cent, as well as an increase in gross investment income to 27 per cent with a return on investment (ROI) of over six per cent,” he said in his speech at the Kesuma MADANI programme held in conjunction with the Chinese New Year celebration, today.

Sim also said that good financial performance and a more dynamic fiscal space will enable Socso to facilitate the expansion of services.

Socso also plans to explore new forms of protection, such as no-fault accident protection, as well as holistically improve the quality of management and services, also to ensure more sustainable and universal protection.

Earlier, Sim also launched the improved Prihatin application to make it easier for IPs to deal with Socso.

He said the improved Prihatin application allows users to check and download contribution statements, the Self-Employed Social Security Scheme (SKSPS) and benefit calculations, among others.

 As many as 40 single mothers, 90 orphans and 15 benefit recipients received various donations totalling RM164,696 at the event.