Employment Insurance Scheme Malaysia

The insurance scheme which will be administered by the social security organisation socso seeks to provide temporary financial assistance for up to six months to workers who are retrenched.

Employment insurance scheme malaysia. Managed by the social security organisation socso eis the eis eis perkeso is the abbreviation for the employment insurance scheme. Malaysia on the other hand is catching up to provide retrenchment benefits to unemployed malaysians. We lay out everything about the employee insurance scheme right here. Hence to protect employees who face risk of retrenchment the malaysian government launched an employment insurance scheme on 27 october this year.

Please continue reading to see how we can assist you. Written by imoney editorial illustration by syazrul azmi. It is a compulsory government scheme that covers all private sector employees automatically with employers and employees each contributing 0 2 of the employee s salary every month. Used interchangeably eis the eis eis perkeso represents the malaysian employment insurance system mentioned above.

As the name suggests the eis is primarily aimed to help laid off employees who are looking for another job and who contribute to socso. Welcome to the employment insurance system eis homepage. 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. If you are an eis contributor who recently lost your job you may be eligible to receive benefits.

Proposed by prime minister datuk seri najib razak the employment insurance scheme eis is expected to be tabled in parliament in the july august 2017 sitting. Eis aims to provide employment insurance public employment services and labor market information lmi to the malaysian workforce. It provides financial support for those who are between jobs allowing them some peace of mind while looking for their next source of employment.