18th February 2020 - 2 min read
Finance Minister Lim Guan Eng has announced that the [email protected] initiative will be open for registration in April.
The initiative, which aims to provide better job opportunities for unemployed Malaysians and to reduce dependency on foreign labour, is a stimulus package conceived to help create up to 350,000 jobs over the next five years.
“Don’t be mistaken that we will only create 350,000 jobs. This is only for the [email protected] programme. It will be in addition to the one million jobs to be created by the private sector,” Guan Eng further clarified.
The [email protected] initiative was first unveiled at the tabling of Budget 2020, with a total of RM6.5 billion allocated for it. It offers monthly incentives over a course of two years for both employers and employees who meet certain criteria.
The [email protected] programme has four components to it: [email protected], [email protected], [email protected], and [email protected]
[email protected] and [email protected] focuses on the hiring of fresh graduates and technical/vocational education and training (TVET) among youths, respectively. [email protected], on the other hand, is aimed at bringing qualified women back to the Malaysian workforce. Lastly, [email protected] seeks to reduce Malaysia’s dependency on foreign labour for low-skilled jobs.
To facilitate the execution of the initiative, the government will set up a special Employees Provident Fund (EPF) account for eligible employees. The programme is slated to commence in stages starting from the second quarter of 2020.
(Source: New Straits Times)
Subscribe to our exclusive weekly newsletter and we’ll bring you the week’s highlights of financial news, expert tips, guides, and the latest credit card and e-wallet deals.
Stay tuned for what’s to come next in the personal finance world