Malaysia Creates 320,000 Jobs via PenjanaKerjaya 3.0
The National Employment Council (NEC) rolls out its latest initiative as Malaysia creates 320,000 jobs.
The Malaysian Government is pushing new initiatives to ensure that the nation weathers the economic fallout from the global pandemic. The Ministry of Finance (MOF) reports that the National Employment Council (NEC) is achieving its job creation targets. The ongoing PenjanaKerjaya scheme goes into phase 3.0 as Malaysia creates 320,000 jobs to continue sustaining livelihoods.
The primary purpose for establishing the NEC is to accelerate job creation and collaboration between stakeholders. NEC’s target is to create half a million jobs and facilitate skills training and placements. To achieve these targets, NEC is focusing on fostering strategic collaborations involving government and industry agencies and stakeholders.
Thus far, the Government’s eight economic packages total RM530 billion. This includes the nation’s largest allotment of RM322.5 billion for Budget 2021. According to the MOF, the Government is providing an aid package of RM305 billion. This amounts to 22.7% of GDP (gross domestic package), and internationally, it is one of the largest stimulus package rates.
Malaysia’s PenjanaKerjaya Initiative
Under Malaysia’s Budget 2021, the PenjanaKerjaya initiative has an allocation of RM2 billion. Since its initial rollout, PenjanaKerjaya 1.0 and 2.0 have secured jobs for more than 141,000 people in Malaysia. The latest iteration of this initiative is PenjanaKerjaya 3.0, via the People’s Well-being and Economic Recovery Package (Pemulih).
Budget initiatives fall under the purview of MOF’s Economic Stimulus Implementation and Coordination Unit Between National Agencies (Laksana). Laksana’s 64th report explains that PenjanaKerjaya 3.0 will aid target groups with improvements in its allocation. For instance, under the Malaysianisation programme, there will be a reduction in the salary eligibility limit.
Another change is adopting a more flexible approach to the employment contract timeframe criteria. Groups that will benefit from this are workers above 50 years of age, former convicts, and those who are disabled.
Sustaining Livelihoods and Businesses
To ensure the survival of micro as well as small and medium enterprises (MSMEs and SMEs), continuous aid is necessary. Hence, the Government is consistently implementing measures and initiatives to ensure the sustainability of MSMEs and SMEs. This includes the Wage Subsidy Programme with an allocation of RM20 billion, with a utilisation of RM15.6 billion. Outcomes have been positive, securing the jobs of 2.8 million workers and benefiting more than 330,000 employers.
According to MOF, the wage subsidy programme will apply to SMEs with an income decrease attributable to the pandemic. These businesses will receive monthly RM600 in aid per employee, with a cap of 500 employees. As of August 2021, employee salary slips will also reflect the government wage subsidy.
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