The Social Security Organisation (Socso) has announced an increase of its pension rates under the Employment Injury Scheme and Invalidity Scheme beginning Sept 1 this year.

Human Resources Minister Datuk Seri Richard Riot Jaem said Socso would pay the pension arrears adjustment starting from Dec 26 with an allocation of RM72.62mil, while next year’s adjustment was expected to involve RM238mil.

“A total of 328,056 recipients will receive the pension at a minimum rate of RM475.00,” he told a press conference here Wednesday.

He said payment would be made to recipients of the Permanent Disablement Benefit, Dependents’ Benefit, Invalidity Pension and Survivors’ Pension.

Riot also said the adjustment of the new pension rate by Socso could help ease the burden of pension recipients from the agency.

“From time to time, studies will be conducted to ensure that pension payments are adjusted so that the beneficiaries can cope with the rising cost of living,” he said.

Established in 1971, Socso now has 6.8 million contributors with a contribution rate of more than RM3bil this year.