KUALA LUMPUR: More than 200 million has been allocated to the Social Security Organisation (Perkeso) to execute six initiatives aimed at strengthening the social protection net and driving the labour market.
Human Resources Minister V. Sivakumar said the allocations encompass the implementation of six initiatives, including the introduction of two new initiatives.
One of the new initiatives includes streamlining the integration of target groups into the public sector and raising the insurance wage ceiling from RM5,000 to RM6,000 for the Social Security Act 1969 (Act 4) and the Employment Insurance System Act 2017 (Act 800).
"This increase in the insurance wage ceiling is expected to come into effect following amendments to both acts and is anticipated to enhance cash benefits by 20.2 per cent for 1.45 million workers and their dependents in cases of workplace disasters, disabilities, death, or job loss.
"Both of these efforts will be the catalysts for social security synergy while creating a labour market environment that aligns with the principles of equality among the people.
"The government's commitment to ensuring the integrity of social protection for the people is also reflected in the improvement of two existing initiatives," he said in a statement.
Sivakumar added that the Matching Grant for the Self-Employment Social Security Scheme will be extended with an allocation of RM100 million, and the government's coverage will be raised to 90 per cent from the previous 80 per cent.
Additionally, he said, financing for the Housewives' Social Security Scheme will be provided through an allocation of RM50 million.
"Two other initiatives that will be extended are the Career Development Training Programme (RM35 million) and the private sector job support scheme (RM30 million), targeting three specific groups: Persons with Disabilities (OKU), ex-convicts, and senior citizens."
He said the employment policy of hiring one per cent of persons with disabilities will be expanded to include ex-convicts and senior citizens and will be implemented across various government sectors.
"This includes ministries, Government-Linked Investment Companies (GLIC), Government-Linked Companies (GLC), and Government strategic partners.
"This policy empowerment will be supported through the role of Socso employment service officers and the MYFutureJobs national job service portal equipped with Artificial Intelligence capabilities to efficiently match job seekers in these groups, thereby reducing the time required to place them in suitable jobs.
"The implementation of this range of initiatives under the 2024 Budget through the Human Resources Ministry will be continually improved over time to ensure effectiveness, aligning with the government's commitment to enhancing governance," he said.