KUALA LUMPUR – A total of 65,674 workers were placed in the national job market through the Social Security Organisation’s (Socso) Job Resettlement Programme from January to June this year.
Human Resources Minister Steven Sim said in the winding up session of the Employment Insurance System (Amendment) Bill 2024 that the sectors that recorded the largest number of job losses were manufacturing, wholesale and retail trade and scientific and technical professionals.
“… for the total number of applicants under the Employee Insurance System, as of June 20, 2024, Socso has received 24,963 job loss claims applications of which 20,661 have been approved. This involves a payment of RM127.16 million,” he said.
The bill was then passed by majority vote in favour after 17 MPs took part in the debate.
The amendment to the Employment Insurance System Act 2017 (Act 800) aims to improve and provide benefits covering social security under the Employment Insurance System, including amending Section 16 to raise the maximum limit of the insurable amount of an employee’s salary from RM5,000 to RM6,000 per month.
In addition, it also aims to amend the Second Schedule and Third Schedule to Act 800 to include the new contribution rates paid by employers and employees.
Earlier, the Dewan Rakyat also passed the Workers’ Social Security (Amendment) Bill 2024 to amend the Workers’ Social Security Act 1969 (Act 4).
Sim said the amendment to increase the maximum insurable salary amount per employee from RM5,000 to RM6,000 per month is expected to benefit approximately 1.5 million employees earning more than RM5,000 per month with an increase in the interest rate of 20.2%.
“For the increase that we put forward for this amendment, the increase in the employer’s contribution is between RM1.70 and RM17.50 per month. We look at the propriety of improving benefits for those who have suffered misfortune.
“At the same time, (it can) ensure that the additional burden of contribution costs for either employees or employers does not increase dramatically,” he said. – June 25, 2024