Socso: Job losses in Malaysia increase by 42pc in Q1 due to Covid-19
Wednesday, 03 Jun 2020 11:46 PM MYT
“This trend is only expected to accelerate from April 2020 onwards, with job losses increasing by 50 per cent to 200 per cent year-on-year for each subsequent quarter in 2020,” it said in the report published today. “LOE data shows that 61 per cent of job losses are among workers aged 40 and below, with 31 to 40-year-olds accounting for 32 per cent and workers under 30 making up the rest at 29 per cent. Male workers are more likely to be retrenched than female counterparts at 60 per cent male to 40 per cent female, this may simply reflect the fact that there are more men than women in the workforce,” it said.
On the other hand, the report mentioned the proportion of workers aged 40 and above who are registered with Socso actually decreased by four per cent in 2019. Among this group, 84 per cent have served for more than two years at the same company. “Job losses in Johor were mostly in the manufacturing sector at 37 per cent and tourism-related industries at 36 per cent,” it said.
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