Employee Insurance Scheme Malaysia 2018

The insurance scheme which will be administered by the social security organisation socso seeks to provide temporary financial assistance for up to six months to workers who are retrenched.

Employee insurance scheme malaysia 2018. On a final note the employment insurance system eis is expected to start in january 2018. It provides financial support for those who are between jobs allowing them some peace of mind while looking for their next source of employment. New employment insurance scheme eis for terminated employees in malaysia to take effect on 1 january 2018. The employee insurance scheme is a compulsory financial scheme to help employees who lost their jobs.

Compulsory unemployment aid scheme for all malaysian citizens and permanent residents in the private sector aged between 18 60. The employees deposit linked insurance scheme edli 1976 provides for an assurance benefit where an insurance cover to be paid to the employees nominee on death during their working life. Employees provident fund epf effective 2018. It s a payment linked to the average balance in the provident fund account of an employee payable to a person belonging to his family in the event of death of the employee while being a member of.

When you start your work this year you might note that your salary slip now has a section for employee insurance scheme eis. The new employment insurance scheme by socso hence to protect employees who face risk of retrenchment the malaysian government launched an employment insurance scheme on 27 october this year. Introduced in 2018 the employment insurance system eis is designed as a safety net for workers who have lost their jobs due to retrenchment or other similar circumstances. As the clock ticks for personal income tax deadline in malaysia 2018.

It s believed that eis will add efficiency of the labor market in malaysia through a better structured system of matching supply and demand which in turn will lead to increased productivity and competitiveness of the industries. The government announced that the employee insurance scheme is intended to take effect in 2018. Last week prime minister datuk seri najib razak announced that the government has agreed to implement the proposed employment insurance scheme eis. The employee insurance system eis is a financial scheme by perkeso to aid recently retrenched workers in finding new jobs.

It is a compulsory government scheme that covers all private sector employees automatically with employers and employees each. If you are recently retrenched perkeso is able to cover all associated training fees in relation to certain approved courses that will assist in obtaining new employment.