Employee benefits in Malaysia, what are those? These days, getting a good job isn't just about the salary! As employees, we now care about more employee benefits like annual leave, compassionate leave, birthday leave, company trips, flexible working hours, and more.
We might even want a company to provide training and workshops that help with our personal career growth and development. In today's competitive market, when considering a career change or a new job, it's important to see if companies offer a good package with attractive workplace benefits.
What are Employee Benefits?
Employee benefits are compensations or additional rewards given to employees alongside their base salary. Some workplace benefits, like annual leave and sick days, are required by the Employment Act 1955. Other additional benefits, such as health insurance, retirement plans, and training, are optional. Lots of Multinational, SME companies often get creative with these optional benefits to attract more jobseekers, especially in competitive job markets.
Important Benefits for Employees
According to Hays Suvery, 46% of employees in Malaysia are unhappy with their current pay. 52% of Malaysian employees are actively looking for a new job. Interestingly, salary is not the only thing that keeps employees in their current jobs.
What are the employee benefits important?
Work Life Balance (41%)
Salary and benefits (38%)
Job Location (37%)
Company Culture and Management (36%)
Training and Development Opportunities (26%)
What are the Employee Benefits in Malaysia?
Mandatory Benefits for Employees
According to the Employment Act 1955, these are the mandatory benefits for employees, which include:
Wages and overtime pay
If employees work more than the standard weekly hours limit of 48 or 45 hours, employers must pay them overtime wages, also known as "OT payment". Employees receive 1.5 times their regular pay rate for each extra hour worked.
Annual leave
The amount of paid leave you get depends on how long you've worked at the company. The longer you've been there, the more paid time off you can take. Employees with up to 2 years of employment get 8 days of paid leave annually. Employees with 2 to 5 years at the company receive 12 days of paid leave annually. Employees with 5 or more years of service receive 16 days of paid leave annually.
Sick leave
Employees with less than two years of service get 14 days of annual leave. Employees with two to five years of service receive 18 days of annual leave. Employees with over five years of service are entitled to 22 days of annual leave.
For maternity leave, employees must have worked with the same employer for at least three months in the nine months before childbirth. They also need to have been employed continuously for the last four months. If they meet these conditions, the employer must provide a minimum of two months of paid leave and pay the employee their full salary during this time.
EPF (Employees Provident Fund)
Compulsory savings scheme where both employees and employers contribute a percentage of the employee's salary to provide retirement benefits, savings, and housing loans.
SOCSO (Social Security Organization)
SOCSO provides social security protection against employment injuries, occupational diseases, disabilities, and death. Employers must contribute to SOCSO for their employees to cover these contingencies.
Many SME and top companies in Malaysia are increasingly recognizing the importance of meeting employees' needs. They are realizing that benefits can help retain employees and boost their engagement. That's why lots of companies are updating their benefits packages.
These are the optional benefits that some companies might offer, such as:
Insurance (medical, life, dental, or optical)
Parking allowance
Internet or phone allowance
Personal or professional training
Additional paid leave
Extra paternity leave
Remote working options
Work from home options
Flexible work hours
Paid or subsidized gym memberships
Company Trips
Birthday Leave
Free coffee, tea, snacks
Whether you're looking for high salaries, company trips, or other perks, Ricebowl Kacau Company has lots of companies with attractive benefits. There are more than 1 millions jobs awaiting you! Discover more high benefits jobs at Ricebowl Kacau Company today.
Who is eligible for employee benefits in Malaysia?
In Malaysia, employees who have worked for more than two months continuously are entitled to benefits. These benefits include the Employees Provident Fund (EPF), Social Security Organization (SOCSO) insurance, and annual leave. The specific benefits and eligibility criteria may vary based on factors like the size and industry of your company.
According to Malaysian labor laws, an employee is someone who has agreed to work for an employer in exchange for pay. The employer supervises and directs the work, which is essential to the business. The terms of employment, including working hours, salary, and benefits, must be clearly stated in the employment agreement.
What Company has the Best Benefits in Malaysia?
Shell, Nestle, and Intel won the Most Attractive Employer of 2021 because their benefits attract many job seekers who want to join these companies.
Shell employee benefits
Shell offers benefits like career breaks, working beyond retirement age, childcare support subsidies, half-pay leave, leave banks, mobile phone discounts and more. Good news! Shell is hiring. You can find more Shell job vacancies at Ricebowl.
Nestle employee benefits
Nestle provides benefits such as company cars, free flow of food and drinks (including ice creams!), a 13th-month salary, and an infant feeding scheme and more. You can learn more Nestle company profile and details at Ricebowl.
Intel employee benefits
Intel offers prepaid legal services, severance pay, profit sharing, additional employer EPF contributions, wellness coaching, free health checks, maternity expenses subsidies, travel discounts, examination leave, convocation leave, marriage leave and more. You can check out more Intel company information at Ricebowl.
At Ricebowl, we understand that finding the right job can be a challenging and time-consuming task. Don't miss this opportunity to simplify your job search and let employers discover you! Drop Your Resume at Ricebowl and Start Landing Dream Job Today!
FAQs about Employee Benefits
1. What are benefits for employees?
Employee benefits include health insurance, retirement plans, paid time off, and professional development opportunities and more.
2. What is an esop plan?
An ESOP plan, or Employee Stock Ownership Plan, is a benefit that gives employees ownership in a company through stock ownership.
3. What is employee provident fund (EPF)?
Employee Provident Fund (EPF) is a savings scheme in Malaysia where both employees and employers contribute a portion of the employee's salary to secure retirement benefits and financial stability.
