Employment Insurance System Eis

Other than financial assistance the other components of the eis include amongst others training programmes and assistance to seek employment that are designed to assist the insured persons ip who have lost their employment to return to work as soon as possible.
Employment insurance system eis. 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. It is a compulsory government scheme that covers all private sector employees automatically with employers and employees each. The eis is intended to assist those employees who have lost their employment. Welcome to the employment insurance system eis homepage.
Besides contributing to epf you will also need to contribute a separate amount to eis. What is the employment insurance system eis. The contributions are being collected in a fund in order to provide financial assistance to retrenched employees. Eis aims to provide employment insurance public employment services and labor market information lmi to the malaysian workforce.
It is a financial scheme aimed at helping employees who lost their jobs until they find new employment. It provides financial support for those who are between jobs allowing them some peace of mind while looking for their next source of employment. Please continue reading to see how we can assist you. The employee insurance scheme eis which is administered by the social security organisation socso seeks to provide temporary financial assistance for up to six months to workers who are retrenched or have had some form of loss of income.
The employment insurance system eis was first implemented in january 2018 by perkeso. 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 employment insurance system eis was established on 1st january 2018 to provide income replacement for insured persons ip who have lost their jobs. The new scheme will benefit 6 5 million private sector employees and is set to be implemented on 1 january 2018.
Both the employment insurance system eis and the employees provident fund epf function similarly such that a portion of your wages goes into a pooled fund. If you are an eis contributor who recently lost your job you may be eligible to receive benefits. However eis and epf are not the same thing.