He stated a brand new regulation was being drafted for the aim and can be tabled in Parliament in June.
The prime minister anticipated the EIS to be enforced on Jan 1 subsequent yr, whereas curiosity funds can be produced from Jan 1, 2019."Implementation of EIS shall be made by means of subscription from staff and employers. The EIS fund can be managed by the Social Safety Organisation (Socso)," he stated in a press release at present.
Najib stated the EIS was a social security internet aimed toward serving to staff who had been laid off to acquire monetary help and search for new job.
Aside from receiving monetary help whereas on the lookout for jobs, they will even be assisted of their job searches and given profession counseling providers, he added.
Najib stated staff misplaced their job would even be despatched for retraining and expertise upgrading programs to extend their employability.
He expressed confidence that EIS can be a long run coverage that might positively impression staff and employers.
The prime minister stated that based mostly on the experiences of different nations, EIS had helped stabilise the financial system by selling sustainable progress particularly throughout a downturn.
"With the EIS, labour market effectivity could possibly be improved via environment friendly matching of provide and demand, thereby enhancing productiveness and industrial competitiveness," he stated. - BERNAMA