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However malaysia does not have any unemployment benefits system but the government has prepared a several types of welfare benefit system.
Article about unemployment in malaysia. Yet the problem of graduate unemployment continues. Amid the covid 19 pandemic this year malaysia s unemployment rate is expected to shoot up to 4 this year from 3 3 in 2019 said bank negara malaysia bnm. The unemployment rate in malaysia jumped to 4 7 percent in august 2020 from 3 3 percent in the corresponding month of the previous year amid the severe impact caused by the covid 19 pandemic. Malaysia s khazanah research institute kri noted in a study released last december titled the school to work transition of young malaysians that 95 percent of young workers in unskilled jobs and 50 percent of those in low skilled manual jobs are over qualified for these occupations.
Bank islam malaysia bhd chief economist dr afzanizam abdul rashid and sunway university economics professor dr yeah kim leng when contacted both said the rate came in within expectations. Meantime the labor force gained 1 2 percent to 15 90 million. Covid 19 has definitely highlighted how the gig economy has become an integral part of the new economy. Malaysia s unemployment rate which was recorded at 10 8 last year was most likely due to the mismatch of skills.
The number of unemployed surged 42 6 percent from a year earlier to 741 6 thousand while employment declined by 0 2 percent to 15 15 million. Malaysia s unemployment rates have hovered between 3 2 and 3 3 per cent since late last year. The unemployment situation among graduates has grown from a matter of gnawing concern to an issue that leaves furrows in the brows of education planners. Afzanizam said the unemployment rate should subside in the coming months as the economy gradually reopens following the implementation of the conditional mco from may 4 and the recovery mco from june 10.
Written by jasmine andria. Labour market conditions in general are expected to be weak this.
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