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EIS To Be Tabled In Parliament In July
Last update: 13/04/2017

KUALA LUMPUR, April 13 (Bernama) -- The Employment Insurance System (EIS), which will affect some 6.5 million local workers in the private sector, will be tabled in parliament in July 2017.

Perkeso Chief Executive Officer, Datuk Dr Mohammed Azman Aziz, said the rate of contribution would be announced once the EIS Bill was approved by parliament.

Speaking at a briefing here today, Mohamed Azman said, among the system's objectives were to provide income protection and increase employability to those who lost their jobs.

It would also support job search, job matching, job placement and worker's mobility, while providing employment stabilisation, he said.

Last month, Prime Minister Datuk Seri Najib Tun Razak announced that the EIS was expected to be enforced on Jan 1 next year, while interest payments would be made from Jan 1, 2019.

Mohammed Azman gave an assurance that the contribution amount would be minimal.

"For instance, if it (is fixed) at RM5, employers who have five employees will pay RM300 a year. The EIS, however, does not include foreign workers.

"They won't be contributing as well," he said.

Going forward, he said, if there was a surplus in the EIS fund in the near future the maternity benefit for private sector workers would be raised to up to 14 weeks (98 days).

Others included wage subsidies to small and medium enteprises of up to 50 per cent for six months for employers who employ first-time job-seekers, workers above 45 and women after maternity leave and wage subsidies to employers who retained workers from being retrenched during economic downturn.

"The EIS is to complement existing social safety net for the nation and workers. It offers financial income support for workers and is an automatic economic stabiliser," he said.



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Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?

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