Landing your first job is a wonderful experience. It is a start of a new chapter in your life. At the same time, it can also be scary. You are now responsible for your own money.
Now, apart from the formalities that you have to go through with your employer, there are also certain formalities that you have to go through with the Government, through its agencies. There are matters related to your income tax as well as your contributions to the Social Security Organization (SOCSO) and Employees Provident Fund (EPF).
Income tax is self-descriptive, while SOCSO is a form of an insurance policy to cover you during your working hours. EPF contributions, however, are for your own use after your retirement. A compulsory savings account, if you like.
You may want to note that apart from your own contributions, which come from your salary, your employer is also required to contribute towards your EPF savings.
source: http://www.kwsp.gov.my
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