Prime Minister Datuk Seri Anwar Ibrahim said that a social protection programme will soon be rolled out to ensure that the people of Malaysia will be better supported.

Specifically, the programme will be guided by three pillars:

• Prevention: Through social insurance
• Sustainability: Improved income generation and retirement savings
• Protection: Through social assistance

“I guarantee that this government will ensure that all Malaysians will be protected, at any time. The government will widen the net of social protection to all to protect the rakyat in the event of unfortunate events,” said the prime minister at the launch of the Ekonomi Madani framework today.

Datuk Seri Anwar also took the opportunity to elaborate on the existing situation, where Malaysians are found to be especially lacking in the aspect of social insurance and retirement savings. Specifically, under the pillar of social insurance (prevention), the government has set aside RM100 million this year as an 80% grant to finance the Social Security Organisation (SOCSO) contributions of gig workers – but more can be done.

Meanwhile, under retirement savings (sustainability), more than 40% of the labour force were found to have inadequate retirement savings that can tide them through their old age, especially informal workers.

As for social assistance (protection), Datuk Seri Anwar said that various cash assistance programmes have already been put in place, including the Rahmah programme. But just like the pillar of social insurance, the people – especially those who are truly in need – will also benefit from more support.

Given these circumstances, the prime minister said that the government is proposing to expand Employees Provident Fund (EPF) and SOCSO coverage for the working-age population in stages. It will also continue to strengthen the Employment Insurance System (EIS) as well as re-training programmes to help those who are unemployed.

“This approach is consistent with the shift away from protecting jobs to protecting workers in the context of a rapidly changing economy,” said Datuk Seri Anwar.

(Source: The Edge Markets)

• TAGS:
• Datuk Seri Anwar Ibrahim
• EIS
• Ekonomi Madani
• Employees Provident Fund (EPF)
• Employment Insurance System
• Madani Economy
• PERKESO
• Social Protection
• Social Protection Programme
• Social Security Organisation (SOCSO)
• SOCSO