4 things you need to know about the Employee Insurance Scheme

The implementation of the Employee Insurance Scheme (EIS) has led to widespread speculation about the repercussions to Malaysia’s economy.

For those who aren’t in the loop, the EIS is a scheme that serves to provide assistance, financially and beyond, to Malaysians who have just lost their jobs, and to help the retrenched transition into their next role with ease.

While the bill is still waiting to be passed, here are 5 things we think every job seeker should know about it:

1. The Scheme provides an incentive for you to actively find jobs
   Retrenched Malaysians can look forward to some form of job seeking allowance for a fixed period of time to encourage job search. The scheme offers career counselling services to jobseekers and job training subsidies are also likely be made available to these candidates.

2. It gives you the opportunity to upgrade your skills
   With limited vacancies to go around, employers are picky with their hires. This means they only look at the most qualified candidates who can bring more value to the team. We don’t see why that can’t be you!So, if you’ve been retrenched recently – stop moping about – it is likely that the EIS will have allowances set aside for retrenched Malaysians to continue upgrading their skills, increasing their chances of employment. 

   Beneficiaries of the schemes can also rejoice at the thought of being rewarded for getting back into the workforce.

3. You’re not qualified for the scheme if you called it quits first
   The scheme serves as a safety net for those who do not have a job in the short term, helping them get back on their feet. But if you’re thinking about quitting your job to qualify for this, think again! The scheme has been formulated strictly for those who have been laid off by their employers, not those who voluntarily quit.

4. The scheme is not your license to remain jobless
   You can be penalised if you don’t put the scheme to good use. Your benefits will also likely get suspended should relevant parties discover that you’re not putting the time and allowance of the scheme to good use. On top of that, the benefits and allowances of the scheme lapse after a certain period of time – so it’s best for you to get your act together sooner rather than later.Otherwise, you can also explore Monster’s list of employers to find a role that best suits you.