In a groundbreaking announcement, Human Resources Minister Steven Sim Chee Keong unveiled the unprecedented achievements of the Social Security Organisation (Socso) in 2023. Highlighting a remarkable milestone, Socso disbursed a staggering RM5.73 billion in benefit payments to Insured Persons (IPs) and their dependents. This substantial sum signifies not only a significant financial commitment but also underscores Socso's unwavering dedication to its beneficiaries' welfare.
Sim emphasized that 2023 marked a watershed moment in Socso's history, with its financial performance reaching unparalleled heights since its establishment in 1971. The minister attributed this monumental success to Socso's robust financial performance, characterized by positive year-on-year growth across all facets. Notably, contributions income and enforcement witnessed a commendable surge of 14%, while gross investment income soared by an impressive 27%, yielding a remarkable return on investment (ROI) exceeding six percent.
Speaking at the Kesuma Madani program coinciding with the Chinese New Year celebrations, Sim outlined Socso's strategic vision for the future. Buoyed by its stellar financial performance, Socso aims to leverage its enhanced fiscal capacity to broaden its service offerings. Among its key objectives is the exploration of innovative protection mechanisms, including no-fault accident coverage, aimed at augmenting Socso's protective umbrella.
Moreover, Socso is committed to a comprehensive overhaul of its management and service delivery frameworks, with the overarching goal of ensuring sustainable and inclusive protection for all stakeholders. Sim underscored the pivotal role of technology in enhancing user experience and accessibility. In this regard, Socso unveiled the revamped Prihatin application, designed to streamline interactions between IPs and Socso.
The enhanced Prihatin application represents a significant leap forward in user convenience, enabling seamless access to vital services and information. Users can now effortlessly retrieve and download contribution statements, access the Self-Employed Social Security Scheme (SKSPS), and perform benefit calculations, among other functionalities. This user-centric approach reflects Socso's commitment to harnessing technology to better serve its beneficiaries.
Beyond its operational endeavours, Socso remains steadfast in its commitment to social responsibility. At the event, Sim presided over the distribution of charitable donations, underscoring Socso's ethos of giving back to the community. A total of 40 single mothers, 90 orphans, and 15 benefit recipients received generous contributions totalling RM164,696. This altruistic gesture not only provides much-needed support to vulnerable segments of society but also epitomizes Socso's ethos of compassion and solidarity.
In conclusion, Socso's record-breaking performance in 2023 signifies a pivotal moment in its journey towards fostering social security and welfare. With a steadfast commitment to innovation, inclusivity, and social responsibility, Socso continues to redefine the boundaries of excellence in the realm of social security. As it embarks on a new chapter, Socso remains resolute in its mission to empower and protect its beneficiaries, ensuring a brighter and more secure future for all.
Reference: HR minister: Socso paid RM5.73b in benefits last year | Malay Mail
Ronny M is a content creator under the Newswav Creator programme, where you get to express yourself, be a citizen journalist, and at the same time monetize your content & reach millions of users on Newswav. Log in to creator.newswav.com and become a Newswav Creator now!
The User Content (as defined on Newswav Terms of Use) above including the views expressed and media (pictures, videos, citations etc) were submitted & posted by the author. Newswav is solely an aggregation platform that hosts the User Content. If you have any questions about the content, copyright or other issues of the work, please contact Newswav.
