This is where employment insurance comes into play.
The Social Security Organisation, or better known to us as Socso, has implemented the new Employment Insurance System that comes with full benefits to replace the previous Employment Insurance Interim System from 1 January.
According to New Straits Times, this new system will enable a fixed rate of RM600 per month for a maximum of three months paid out to help those who are seeking employment after being retrenched from a job.
Based on the Employment Insurance System (SIP), you are eligible for the full-fledged benefits such as Elaun Mencari Pekerjaan (EMP), Elaun Bekerja Semula Awal (EBSA) and Elaun Pendapatan Berkurangan (EPB) from 1 December 2018, provided you have recently lost your job and previously contributed to a minimum of 11 months of working hours.
One of the benefits, Elaun Mencari Pekerjaan, is a financial allowance to help those who lost a single income and is currently job-hunting.
As for Elaun Pendapatan Berkurangan or Reduced Income Allowance, it is a form of financial aid for those who are juggling a few jobs and have recently lost at least one income.
And the Elaun Bekerja Semula Awal is a financial incentive given out to those who are EMP beneficiaries and have successfully started work early.
This new system no doubt has more benefits compared to the Interim Asistance, which only offers financial help at a fixed rate.
To further reduce the state of unemployment and assist unemployed workers, Socso has also dedicated employment placement programme an employment service officers to help out in job searches, counselling, interviews, training and ongoing work support.
If you're an eligible insurer, you can claim your SIP benefits or receive a full interest payment at the new EIS portal created by Socso.
So, if you recently got caught in this unfortunate scenario, you should look into this. For more information, you can also visit any Socso office near you.