PRIVATE sector employees who lose their jobs will be eligible to receive RM600 a month for a maximum of three months starting next year, said Human Resource Minister Richard Riot.

The Sun Daily reported Riot saying that those who lost their employment this year can apply to Social Security Organisation (Socso) for the temporary unemployment financial aid on Socso’s web portal and at its offices, or at the urban transformation centres.

The payout will start in January 2019, said Riot in a statement yesterday.

Applicants for the unemployment benefit will be required to participate in a re-employment placement programme. 

Under the Employment Insurance System Act 2017 (EIS) passed last year, employers and employees have each to contribute 0.2% of the employee’s monthly salary to the scheme’s fund starting next month.

Riot said the EIS was an important economic policy to improve the people’s quality of life and for the country to remain competitive.

Socio chief executive officer Dr Mohammed Azman Aziz Mohammed said employees retrenched via voluntary separation and mutual separation schemes are also eligible for the benefit. January 3, 2018.