SOCSO Loan 2009

The Social Security Organization provides social security protection by social insurance including medical and cash benefits, provision of artificial aids and rehabilitation to employees to reduce the sufferings and to provide financial guarantees and protection to the family.

SOCSO is the abbreviation for Social Security Organization. It is commonly known in the Malay term as PERKESO or Pertubuhan Keselamatan
Sosial.

One of the benefits, which SOCSO provides for Malaysians is the education benefit, which comes in the form of a loan disbursed out to dependent children who are recipients of a monthly benefit for Dependent's Benefit, Survivor's Pension, children of an employee who are recipients of a monthly benefit of Permanent Disablement and Invalidity Pension

Although this benefit is in the form of a loan, it can, however, be converted into a scholarship if the child obtains excellent result.

SOCSO is offering educational loans, amounting to as much as RM100,000, to children of members who are in receipt of monthly invalidity pensions.

Applicants can also be children of contributors who died while in employment because of injuries, or died before reaching their 55th year. The applicants must be below 21 years of age and pursuing degree, diploma or certificate courses recognised by the Education Ministry.

The borrower is required to repay the loan via monthly instalments once the person has completed the study programme.

Human Resources Minister Datuk Dr S. Subramaniam said that the loan will be converted to a scholarship if the student gets first class honours in the degree programme.

"This loan is only given to deserving students who have done well in their examinations and are admitted to institutes of higher learning," he said, after presenting loan approvals of RM100,000 each for two students currently pursuing their studies in medicine at the Asian Institute of Medicine Science and Technology in Kedah.

Since1997, Socso has given out as much as RM94mil in loans to dependents of Socso contributors who qualifed for the study loan.

For Socso members who are kidney patients, Dr Subramaniam said that Socso would pay a maximum of RM110 for each session of dialysis.

For more information on Socso's study loan, visit www.perkeso.gov.my.