KUALA LUMPUR (Jan 26): The National Economic Council (NEC) has approved the Employment Insurance Scheme (EIS) in January and is expected to be tabled in Parliament in June or July this year.

Human Resources Minister Datuk Seri Richard Riot Jaem hopes the EIS would be implemented by Jan 1, 2018, after numerous presentations.

The EIS was first introduced in Budget 2015 to assist retrenched workers by giving temporary financial assistance, and providing opportunities for reskilling and up-skilling.

"We have made four presentations to NEC and they (finally) approved the EIS. We hope to table it in cabinet by mid-year for it to become a Bill to be deliberated in Parliament, and legislated by Jan 1, 2018," said Riot.

He declined to specify the details of the scheme, but it is understood that some opposition has been felt from employers who found the scheme 'burdensome'.

Speaking to reporters after presenting an accreditation certificate to Proton Holdings Bhd, Riot said according to the Eleventh Malaysia Plan, about 1.5 million jobs would be created till 2020.

Proton, wholly-owned by DRB Hicom Bhd, received the accreditation as a centre for national dual training system for skills training in automotive.

"The small and medium enterprises employ the most number of employees. An article last year said about 10,000 people would lose their job. That figure is true, but we should not panic. It is an acceptable amount," he said.

Riot said based on the Organisation for Economic Co-operation and Development (OECD) benchmark for unemployment, a country with a rating below 4% is considered to have full employment.

It is understood that as of November 2016, the unemployment rate stood at 3.4%, based on figures reported by the Department of Statistics.

At 12.30pm, DRB-Hicom rose one sen or 0.88% to RM1.15 with 398,200 shares done, for a market capitalisation of RM2.2 billion.