Economic Stimulus Package 2020: One-Off RM600 Payment For Tourism Players; Highlights Employment Insurance System

socso perkeso employment insurance scheme

socso perkeso employment insurance scheme

Those in the tourism affected by the slump due to the Covid-19 outbreak in Malaysia will receive a one-off incentive, while those who have been recently retrenched may actually receive financial assistance while they get back on their feet.

Interim Prime Minister Tun Dr Mahathir Mohamad, in his Economic Stimulus Package speech earlier, revealed that the Government will give a one-off payment of RM600 each to taxi drivers, tourist bus drivers, tourist guides, and registered trishaw drivers who are affected by lower tourist arrivals.

Mahathir Economic Stimulus Package 1

Tun Dr Mahathir also highlighted that the Employment Insurance System (EIS) is available for those recently retrenched due to the downturn in economy. Launched back in October 2017 by the Social Security Organisation (SOCSO), this scheme now has a fund of RM1.1 billion.

Individuals who are recently retrenched are encouraged to claim from this scheme, which provides temporary financial assistance (called a Job Search Allowance or JSA) for up to six months. The payout scheme is as follows:

Month JSA as percentage of salary paid out
1 80%
2 50%
3 40%
4 40%
5 30%
6 30%

Should the individual finds a new job before the end of the six months, he or she will receive an Early Re-appointment Allowance amounting to 25% of the remaining JSA.

In addition, EIS also provides compensation for retrenched workers looking to enrol in training courses approved by the Employment Services Officer, where the training fee will be borne by EIS up to a maximum of RM4,000 and the individual receiving a daily training allowance of up to RM20 per day.

The full list of benefits of EIS can be found at the official SOCSO website.

As part of the Economic Stimulus Package, the claimable training fee is increased to RM6,000 for the affected sectors, while the daily training allowance is also increased to RM30 per day.

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Great post 😁

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