Social Security Wage Limit 2024 Projection

Social Security Wage Limit 2024 Projection. The dewan rakyat today approved amendments to increase the contribution wage ceiling for insured persons from rm5,000 to rm6,000 under the workers’ social security act. The payroll tax, which accounts for 96 percent of social security’s revenues, is generally 12.4 percent of a person’s earnings up to a maximum annual amount ($168,600 in 2024).

But in 2025, it’s likely to rise. The dewan rakyat today approved amendments to increase the contribution wage ceiling for insured persons from rm5,000 to rm6,000 under the workers’ social security act.