The opposition lawmakers are opposed to the amendments to Employee's Social Security Bill 2015 which would allow the Social Security Organisation (Socso) to set up and take over companies.
They also disagreed with the bill that seeks to remove Bank Negara's representative from Socso's investment panel.
M Kulasegaran (DAP-Ipoh Barat) pointed out that allowing the organisation to conduct investment would be risky as it should act as a safety net for the employees.
"What safety net can you provide to the trustees? Why Bank Negara's representative no longer sits in the panel? What is the motive behind this?
"This is contradictory to what the employees had wanted. Something is not right here.
"If (the government) want to showcase its transparency, it needs Bank Negara's delegate and other experts inside the panel.
"We need to include the representatives from the Malaysian Trades Union Congress (MTUC) and other employees association," he said.
Hatta Ramli (Amanah- Kuala Krai) and Michael Jeyakumar (PSM-Sungai Siput) also raised similar concerns.
The Human Resources Ministry has tabled the bill, which seeks to allow Socso, with the approval of its minister and finance minister, invest fund, and able to play a bigger role in the future by setting up or take over companies under the Companies Act.
With that, Socso can carry out, administer, conduct and manage any project, joint venture, privatisation programme, scheme, enterprise or any other matter which has been planned or undertaken by Socso.
The ministry also wants to allow Socso to grant other financing facilities to officers and employees of Socso. Currently, the organisation can only grant loans.
Kula said it does not make sense.
"You are a social organisation. The primary objective is for the workers, fight for the workers and not fight against the workers.