Employment Insurance Scheme Malaysia 2018

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. The malaysian government passed the employment insurance system bill in october 2017 as a new protection measure and it became compulsory on 1 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.

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Malaysia Employee Insurance Scheme

Created by agatha tan on jan 03 2018 go to start of metadata please refer to knowledge based article 2584508 perkeso eis employment insurance scheme effective 2018 for detail information in the system.

Employment insurance scheme malaysia 2018. On a final note the employment insurance system eis is expected to start in january 2018. The employment insurance system eis was first implemented in january 2018 by perkeso. 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. Singapore malaysia s government plans to introduce unemployment benefits including allowances and support for training a move that will help protect workers but has drawn fire from employers.

It is a compulsory government scheme that covers all private sector employees automatically with employers and employees each. The contributions are being collected in a fund in order to provide financial assistance to retrenched employees. It is a financial scheme aimed at helping employees who lost their jobs until they find new employment. The system or scheme itself is administered by the country s social security organisation socso and both employers and employees must make contributions.

First introduced in 2018 the employment insurance system eis is a scheme that offers you unemployment benefits and job search assistance should you lose your job for reasons like retrenchment redundancy and so on.