Socso: Job Market to Return to Pre-pandemic Level Soon
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Social Security Organisation (Socso) expects the job market to return to the pre-pandemic level soon, with strong economic catalyst, stability, as well as full economic reopening.
The catalyst for Malaysia's solid rebound
Socso CEO Dr Mohammed Azman Aziz stated the main reason for this country's strong rebound was through numerous government initiatives to support the workforce and economy, along with cash withdrawals and financial moratoriums.
He said that Socso is glad that the job market has displayed a solid month-on-month rebound. With various initiatives such as the Human Resources Ministry's MYFutureJobs, the organisation is optimistic that more jobs will be filled. Slowly but surely, Malaysia will reach the pre-pandemic level.
Based on Department of Statistics Malaysia (DOSM) data, the number of unemployed people in the country fell 1.1% from 687,600 in December last year. The latest DOSM statistics on March 9, 2022, stated that the unemployment rate was 4.2%.
The country's employment situation steadily improved in January 2022, with only 680,400 remaining unemployed. This number was the lowest since the beginning of the lockdown in March 2020.
Stronger economy would create more jobs
Mohammed Azman stated that with Bank Negara Malaysia being hopeful of the projected gross domestic product (GDP) growth of 6.0% to 7.5% in 2022, the economic sector would likely return to its pre-pandemic state steadily and therefore, more jobs will be generated to drive the economic growth.
He also said that Socso had held numerous job fairs around Malaysia in line with the JaminKerja initiatives that aim to provide 600,000 job vacancies.
He said that as the challenging times are almost over, Socso has reviewed its operations to ensure that it strengthens social security from time to time to withstand another economic challenge in the future.
How the Employment Insurance Scheme saved many people
One of the crucial initiatives that have saved Malaysians during the pandemic was the Employment Insurance Scheme (EIS). First introduced in 2017, the EIS aims to help workers cope with the loss of jobs by delivering immediate financial and job search assistance.
Via the EIS, affected individuals will be able to get assistance for a period of three to six months. The scheme acts as a replacement income for individuals who have lost their only source of income.
Mohammed Azman said that moving forward, Socso hopes that more people, specifically those who are working in the gig economy, will understand the importance of social security, especially in creating a safety net during challenging times.
As of recent, the International Social Security Association (ISSA) recognised Socso for its Social Synergy Programme. The programme is an initiative to create a local social safety ecosystem involving 17 strategic partners, including government and non-governmental agencies. Socso was also recognised for its MYFutureJobs initiatives in strengthening employment.
Source: New Straits Times