Tenth actuarial valuation of the Social Security Fund in response to Section 82 of the Social Security Act 1696.

Project properties

Partners: Direct Trust Fund
Status: Completed

Description

This is a periodical actuarial valuation, held at least once every three years, in response to Section 82 of the Social Security Act 1969. Some recommendations are periodical, but important, for example, the periodical benefit increase based on the actuarial valuations; some past recommendations are not yet implemented and are to be reconsidered (e.g. contribution rate increase of the Invalidity Benefit Branch); and some new recommendations may arise out of the recent changes of the social and economic environments. There are all examined in details by ILO international experts in collaboration with the Government staff, mainly SOCSO staff, and a draft report will be discussed in the Tripartite SOCSO Board with the participation of the social partners. The main component of the strategy is the analysis and the recommendations to be provided for the Board’s discussions. As the scheme was set up based on the ILO recommendations and by taking into account major features of the ILO Convention 102 (Minimum standard for social security benefits), new recommendations will be formulated on the principles of the ILO Social Security Conventions and Recommendations and inform the social partners of the importance of using the ILO Conventions and Recommendations as yardsticks for policy formulations. The study of course will examine the gender responsiveness and fairness of the social security coverage and the benefit adequacy from the viewpoint of gender equality.

SDG

Goals

End poverty in all its forms everywhere

Time

15.06.2015 - 30.09.2017

Budget

٢١٠٬٠٦٩ / ٣١٠٬٠٠٠ Development Cooperation

Timeline of linked projects

MAL/14/02/MAL Asia and the Pacific Malaysia Actuarial valuation , Model , Projections

Social Protection

Building social protection floors
and comprehensive social security systems