What is the difference between EPF, SOCSO, and EIS in Malaysia?

All three are mandatory statutory schemes in Malaysia, but they serve different purposes. EPF is a long-term retirement savings fund — both employer and employee contribute a percentage of monthly wages, which the employee accesses upon retirement. SOCSO provides social insurance covering work-related injury, disability, or death — it's about protecting employees during their working years. EIS is a newer scheme providing short-term financial assistance to employees who have been retrenched — it helps them cover expenses while looking for new employment. All three are mandatory for most private sector employees, and employers are responsible for calculating, deducting, and remitting contributions to the respective bodies each month.