KUALA LUMPUR (July 27): The government will introduce a social protection programme that consists of three pillars — prevention through social insurance, retirement savings sustainability, and protection through social assistance.

"I guarantee that this government will ensure that all Malaysians will be protected, at any time. The government will widen the net of social protection to all to protect the rakyat in the event of unfortunate incidents," said Prime Minister Datuk Seri Anwar Ibrahim at the launch of the Ekonomi Madani event here on Thursday (July 27).

Under social insurance, the government has allocated RM100 million this year as an 80% grant to finance Socso contributions of gig workers. 

According to Employees Provident Fund (EPF) data, more than 40% of the labour force does not have adequate retirement savings, especially informal workers.

Therefore, the government has proposed to expand EPF and Socso coverage for the working-age population in stages.

Meanwhile, in terms of social assistance, various programmes for cash assistance and the Rahmah programme have been put in place.

Anwar said that the government will continue to strengthen the employment insurance system as well as retraining programmes to provide those unemployed with jobs. 

"This approach is consistent with the shift away from protecting jobs to protecting workers in the context of a rapidly changing economy," he added.

Read also:
M'sia’s economic structure needs to be revamped to be leader in Southeast Asia, says PM
Anwar's Ekonomi Madani plan aims to bring fiscal deficit down to 3% or lower within 10 years
Govt, GLICs to invest additional funds of RM1b to encourage local start-ups, technopreneurs — PM
RM100 e-cash credit for adults earning under RM100,000 annually, says PM
Anwar: Special 15% income tax rate for skilled workers to develop new Iskandar Malaysia special financial zone
Govt to provide up to RM5b in loan schemes to facilitate first-home purchases
Govt to allocate RM800m to solve water woes in Kelantan and Sabah
Govt to provide RM300 special appreciation aid to civil servants grade 56 and below
Govt to set aside RM10m to boost women's labour participation
Govt seeks to raise Malaysia’s position to 25th on UN Development Index
Domestic direct investment now a KPI for national investment achievements, says Anwar
Govt to allow trading of smaller share lots, fractional shares — PM
Govt to allocate RM42 mil to upskill gig workers