Socso supports employment initiatives under new Malaysia Budget

The Social Security Organization (Socso) will give its full support to the government’s plan to strengthen the labour market and expand social safety nets.
By: | November 9, 2021

Socso chief executive Datuk Seri Mohammed Azman Aziz Mohammed said this in reference to initiatives put forth by the government in relation to the country’s 2022 Budget.

“We are also confident that the essence of the budget themed Keluarga Malaysia, Makmur Sejahtera” will benefit the people as a whole, in line with the reopening of more economic sectors by 2022,” he said.

Socso, an agency under the Ministry of Human Resources, has been allocated RM2 billion (US$480.5 million) to implement JaminKerja (Keluarga Malaysia Job Guarantee) employment incentives under the Employment Insurance System (SIP) to create 600,000 jobs for the country next year.

In addition, the SIP is one of Socso’s programmes that aims to help workers who have lost their jobs to get financial assistance and find new jobs.

Through JaminKerja, employers who employ individuals who are not actively working will receive an incentive of 20% of the monthly salary for the first six months and 30% for the next six months, subject to employment with a salary of RM1,500 (US$360) and above, said Mohammed Azman.

READ: Malaysia’s bolstered policies key to speed up industry transformation

“For the vulnerable group, employers are eligible to receive an incentive of 30% for the first six months, before being increased to 40% for the next six months, subject to employment with a salary between RM1,200 (US$288) to RM10,000 (US$2,403). The same incentive rate will also be extended for the recruitment of women who have been unemployed for more than a year, single mothers and housewives,” he said, according to Borneo Post.