What Is Employment Insurance Scheme

Employment insurance scheme eis in malaysia.

What is employment insurance scheme. If you re wondering if the employment insurance system eis also covers medical insurance group health insurance employee insurance coverage life or term or employer s liability the answer is no. It extends inpatient coverage up to a maximum period of 12 months when an employee leaves employment. The employees state insurance scheme is an integrated measure of social insurance embodied in the employees state insurance act and it is designed to accomplish the task of protecting employees as defined in the employees state insurance act 1948 against the impact of incidences of sickness maternity disablement and death due to employment injury and to provide medical care to insured. It is a compulsory government scheme that covers all private sector employees automatically.

The new employment insurance scheme by socso. Let s unveil the amazing employment insurance scheme. To provide financial assistance to private workers who lost their jobs until they find new employment. Hence to protect employees who face risk of retrenchment the malaysian government launched an employment insurance scheme on 27 october this year.

First introduced in 2018 the employment insurance system eis is a scheme that offers you unemployment benefits and job search assistance should you lose your job for reasons like retrenchment redundancy and so on. Transferable medical insurance scheme tmis tmis is an enhanced group hospitalisation and surgical insurance that you can buy for your employees. Understanding employment insurance ei the employment insurance act replaced the unemployment insurance act of 1996. The proposed employment insurance scheme eis by prime minister najib razak which is expected to be tabled in parliament in the july august 2017 sitting has the potential to help malaysian.

The contributions are being collected in a fund in order to provide financial assistance to retrenched employees. It is a financial scheme aimed at helping employees who lost their jobs until they find new employment. In singapore the payment of retrenchment benefits is mandatory for workers with more than two years of employment if it is specified in their individual employment contracts or the collective agreements negotiated by their unions. The insurance scheme which will be administered by the social security organisation.

Used for only when you lose your job. Because as mentioned earlier eis is only a job loss coverage scheme i e.