Riot: EIS contribution rate dropped to 0.2pct from 0.5pct

After facing repeated criticisms from all sides over the higher contribution rates initially proposed, the human resources ministry has bowed to pressure for a lower Employment Insurance System (EIS) contribution rate.

Beginning 2018, some 57,282 persons who lost their jobs would be eligible for the interim EIS payment, with fund collection in the same year estimated at RM479 million, according to Bernama.

Human Resources Minister Richard Riot Jaem said that the EIS, a social safety net aimed at helping workers who lost their earnings due to loss of employment, was expected to be tabled in Parliament on Oct 24.

Riot said that after numerous discussions with various stakeholders, which have led to several postponements of the bill’s passage, it was then agreed that the contribution rate of the “people-centric” scheme should be reduced to 0.2 percent from 0.5 percent, which would be contributed equally by both employers and employees…

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