Malaysia’s Sosco fosters partnerships to boost employment
Malaysia’s Social Security Organisation (Socso) has entered into a partnership with the SME Association of Malaysia and five private higher learning institutions to support the employment of fresh graduates.
With aims to reduce the skills mismatch between universities and industries, Sosco and SME Malaysia signed the agreement with Taylor University, HELP University, INTI International University and Colleges, University Tunku Abdul Rahman and Tunku Abdul Rahman University College.
“The long-term cooperation between Socso, employers and the universities aims to increase the employment placement rate of graduates through the active labour market programmes by Socso,” said Sosco CEO Datuk Seri Dr Mohammed Azman Aziz Mohammed.
As of July this year, some 150,000 formal workers have lost their jobs, while over 768,700 individuals remain unemployed.
In June, the country’s unemployment rate rose to 4.8% for the month of June, after four consecutive months of declines, with a total of 768,700 unemployed persons, according to data from the Department of Statistics Malaysia.
Employment fell across all sectors, led by the services industry, which posted its first fall in a year.