Employee Insurance Scheme Malaysia 2018

Melayu malay 简体中文 chinese simplified employment insurance scheme eis in malaysia.

Employee insurance scheme malaysia 2018. The employee insurance system eis is a financial scheme by perkeso to aid recently retrenched workers in finding new jobs. The government announced that the employee insurance scheme is intended to take effect in 2018. 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. The eis was first proposed in mid 2016.

Any employers that do not comply with the scheme or make false claims could lead to a maximum rm10 000 fine or a jail term of up to two years or both upon conviction. Last week prime minister datuk seri najib razak announced that the government has agreed to implement the proposed employment insurance scheme eis. Chubb insurance malaysia berhad formerly known as ace jerneh insurance berhad is one of the panel insurance companies appointed and approved by the ministry of human resources to underwrite fwcs. We lay out everything about the employee insurance scheme right here.

Employees provident fund epf effective 2018. The scheme provides foreign workers with personal accident and repatriation benefits during and outside of working hours. If you are recently retrenched perkeso is able to cover all associated training fees in relation to certain approved courses that will assist in obtaining new employment. First introduced in 2018 the employment insurance system eis is a scheme that offers you unemployment benefits and job search assistance should you lose your job for reasons like retrenchment redundancy and so on.

The new employment insurance scheme by socso hence to protect employees who face risk of retrenchment the malaysian government launched an employment insurance scheme on 27 october this year. With the eis enforced starting from january 1 2018 employers are not allowed to reduce an employee s salary indirectly or directly owing to contributions made to the scheme. This page is also available in. The eis is a brand new and additional tax contribution for all employees and employers in malaysia.

In singapore the payment of retrenchment benefits is mandatory for workers with more than two years of employment if it is specified in their individual employment contracts or the collective agreements negotiated by their unions. The aim of these schemes is for promoting job creation and increasing employment prospects. The bill was implemented on january 1 2018. On october 26 2017 the malaysian house of representatives approved the new employment insurance scheme eis which was then approved by the senate and parliament.