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KUALA LUMPUR: Losing your job is hard, especially in a country where workers don’t receive unemployment handouts. It’s even harder if you are the breadwinner of your family.
The good news is, the Employment Insurance System (EIS) managed by the Social Security Organisation (Socso) could help you get back on your feet while you look for a new job.
This service, established in 2018, provides income and job-searching help to Malaysians or permanent/temporary residents who have lost their jobs in the private sector.
You might have noticed the line item “Employment Insurance System” in your payslip. Workers are required to contribute 0.2% of their salary every month, while employers contribute an additional 0.2%.
Who is eligible?
Those who wish to apply for EIS benefits must:
- be an employee in the private sector who is Malaysian or resident (permanent/temporary);
- be between the ages of 18 and 60;
- have paid EIS contributions for at least 12 months;
- be able to work and be actively looking for work;
- fulfil Socso’s criteria for loss of employment;
- apply for EIS benefits within 60 days after losing your job.
Here are Socso’s conditions for loss of employment:
- the company is going through difficult times, leading to retrenchment;
- the company is going bankrupt or closing;
- the company is unable to operate due to natural disasters or civil unrest;
- the company is not complying with the terms and conditions of your contract;
- the company threatens you or your family members (including sexual harassment);
- you are asked to do dangerous tasks beyond your job scope;
- voluntary/mutual separation comes into effect.
Note that if you resign voluntarily, you will not be eligible for EIS benefits.
Here are other conditions that will make you ineligible:
- the end of a fixed contract or project;
- you terminate of a contract with your employer with no conditions;
- you retire;
- your contract is terminated due to misconduct.
Losing your job can be stressful, but if you qualify for EIS, you can get the help and support you need. (Envato Elements pic)
What are the benefits?
For those who qualify, here are five benefits offered by Socsco:
1. Job search allowance (JSA)
Socso will provide an income allowance of 30-80% of your last-drawn salary for between three and six month while you search for a job. The schedule for income allowance is as follows:
- first month: 80%
- second month: 50%
- third and fourth months: 40%
- fifth and sixth months: 30%
However, benefits are capped at RM4,000. So, if you used to earn RM8,000 a month, you can only receive RM4,000 for the first month, not RM6,400.
You also need to show that you are actively looking for a job by applying via Socso’s job portal, MYFutureJobs.
2. Early re-employment allowance
If you manage to find a job before the six-month mark, Socso will provide about 25% of the total JSA, excluding amounts that have already been paid out. You will need to show proof that you have accepted the job offer and have reported for duty.
3. Reduced income allowance
If you have multiple jobs and lose one of your income sources, Socso also offers income allowance. You will need to provide proof of employment.
4. Training fee and allowance
Socso provides a maximum of RM4,000 for you to undertake a reskilling or training session with one of their training providers. You can find the list of courses here.
An allowance of RM10-20 a day will also be provided for you to attend these sessions.
5. Job search assistance
You will be assigned an employment service officer who will assist you in the process of finding a job. He or she will:
- help you register for an account with MYFutureJobs;
- match job positions with your requirements;
- provide counselling on your skills and reskilling options;
- handle all your questions.
How to apply for an EIS claim
Before you apply, make sure you have the following documents and details:
- MyKad, passport, or any other sort of identification;
- proof of loss of employment (a letter or official document);
- bank account information;
- pay slips for the last 6 months.
To get started, log on to the EIS portal. You will be asked to provide your identification number or register for an account.
After logging in, upload your documents and register for the Re-employment Placement Programme. You will then be assigned an employment services officer, who will help you with the next steps.
This article was written by Su-Wei Ho for MyPF. To simplify and grow your personal finances, follow MyPF on Facebook and Instagram.
Read more articles from MyPF here.
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