Up to two million Malaysians could find themselves unemployed by year end

Human Resource Minister Datuk M Saravanan put the number of people who lost jobs between January and the 17th of September this year at 81,056. Source (pic): TTF Files

سهيڠڬ 2 جوت ورڬ مليسيا موڠكين مڠڠڬور منجلڠ هوجوڠ تاهون

Southeast Asia’s largest online employment company, Jobstreet, has estimated that the economic slowdown in Malaysia could lead to one million people being unemployed by year end.

Earlier today, Human Resource Minister Datuk M Saravanan put the number of people who lost jobs between January and the 17th of September this year at 81,056.

On the 21st of February 2020, The Malaysian Employers Federation (MEF) reiterated that 100,000 people could be laid off this year, adding that the figure could be even bigger depending on other factors..

Two months later, MEF estimated that unemployment could reach up to two million this year, or a staggering unemployment rate of 13%.


PETALING JAYA: Southeast Asia’s largest online employment company, Jobstreet, has estimated that the economic slowdown in Malaysia could lead to one million people being unemployed by year end.

Aside from tourism, the manufacturing and retail sectors are expected to be the worst-hit by the pandemic’s economic impact, the company said.




Earlier today, Human Resource Minister Datuk M Saravanan put the number of people who lost jobs between January and the 17th of September this year at 81,056.

On the 21st of February 2020, The Malaysian Employers Federation (MEF) reiterated that 100,000 people could be laid off this year, adding that the figure could be even bigger depending on other factors.

Its executive director, Datuk Shamsuddin Bardan, was quoted as saying the number he provided was “a very conservative estimate” based on the national retrenchment average and the current market outlook.

Two months later, MEF estimated that unemployment could reach up to two million this year, or a staggering unemployment rate of 13%.

The figure was significantly higher than Bank Negara’s expectation for the rate to rise to 4% or 629,000 people.

“MEF quite optimistic. I don’t think we’re able to actually stay at 4%, now that we have 500,000 who are unemployed.

“There is perhaps another 500,000 more joining the labour market as new entrants. And we have yet to include those who would likely be retrenched,”Shamsuddin said.

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Around then, the Federation of Malaysian Manufacturers (FMM) found in a survey that 74% of respondents felt the wage subsidy was inadequate to retain employees for the next three to six months without pay cuts and retrenchments.

Its president, Tan Sri Soh Thian Lai, said that 78.7% of companies would have to lay off or retrench up to 30% of their workers.

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