Malaysia unemployment rate to stay at reasonable figure

Despite the inceasing economic pressure, Malaysia’s second finance minister Tan Sri Nor Mohamed Yakcob is adamant that the Malaysia unemployment rate would not go beyond 4%.

According to him, the rate will stay between 3% to 4% for both this year and next year even though some companies have begun their plan to reduce their workforce size, cut off expenditure and retrench their staff.

“We should be able to hold at that rate. It’s not going to be much higher than that. That is a manageable level. We will have to work hard to maintain it.”

Under the RM7 billion stimulus package unveiled by the Deputy Prime Minister recently, RM300 million training fund has been allocated to train workers and minimize the unemployment.

Amid the dismal financial situation, other developed nations are beginning to show the sign of exhaustion as recession starts to slide in. As of September, the United States recorded unemployment rate of 6.1%, Spain 11.9%, Japan 4.2%, France 7.9% and Ireland 6.6%. UK unemployment rate has risen sharply and this month, it reached a new level of 5.8%.