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More Than 50,000 Malaysians Will Be Losing Their Jobs in 2018

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More Than 50,000 Malaysians Predicted To Lose Their Jobs In 2018 - World Of Buzz 3
Source: CBS News

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Bad news, guys! It looks like more people will be losing their jobs this year as Malaysian Employers Federation (MEF) executive director Datuk Shamsudin Baradan has predicted that 2018 is going to be a challenging year for employees.

More Than 50,000 Malaysians Predicted To Lose Their Jobs In 2018 - World Of Buzz

Source: nst

According to The Sun Daily, Datuk Shamsudin said that he estimates more than 50,000 Malaysians will be left jobless this year. That’s a lot, though! This is because the job market is hit by several factors that will make it more challenging for employers as they have to contend with higher operating costs.

Some of these include the levy that employers have to pay for foreign workers, the Employee Insurance Scheme (EIS), increased maternity leave and the possibility of paternity leave, which will force employers to tighten their cost management. All these will increase their operating costs!

In addition, Datuk Shamsudin said that the minimum wage is due for a scheduled review in July, which will influence employers’ hiring process. He added, “With the raising of the retirement age, those who were suppose to retire in 2013 will be doing so this year. But this may not open up the labour market as some employers may not want to incur additional cost by replacing those who are retiring.”

So, who exactly will be affected by this retrenchment? If you are involved in the manufacturing sector then brace yourselves because it is expected that this industry will be hit the hardest. Other sectors that are affected include insurance, banking, retail and construction. However, it is expected that the plantation sector will remain relatively stable. Time to switch?

More Than 50,000 Malaysians Predicted To Lose Their Jobs In 2018 - World Of Buzz 2

Source: cbs news

In 2015, it was reported that 38,499 Malaysians lost their jobs but the number declined slightly to 37,699 in 2016. While the numbers for 2017 have not been officially released, as of September 2017, there have already been 30,700 Malaysians who were laid off. 

Okay, time to show your boss how hardworking you are!

 

Also read: Retrenched M’sian Employees Can Get Up to RM600 Allowance/Month in 2018

M'sians Who Get Retrenched Can Receive Up To Rm600 Allowance/month In 2018 - World Of Buzz 4


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