68,000 lose jobs this year, mostly in manufacturing, retail trade

 Economy minister Akmal Nasir says Perkeso has stepped in to help those affected secure temporary employment.

Economy minister Akmal Nasir said despite the job losses, the overall labour market remained resilient, with the unemployment rate unchanged at 3% as of July. (Bernama pic)

PETALING JAYA:

A total of 68,177 workers lost their jobs from January to Sept 16, an increase of 15,196 over the same period last year, says economy minister Akmal Nasir.

Akmal said manufacturing, and wholesale and retail trade were among the sectors most affected by the job losses.

However, he said the overall labour market remained resilient, with the unemployment rate unchanged at 3% as of July.

At a briefing following a National Economic Action Council meeting today, Akmal said the Social Security Organisation (Perkeso) helped 143,653 workers secure jobs through the Employment Insurance System and MYFutureJobs during the period.

“This shows that the government’s intervention not only provides temporary support but also helps affected workers return to employment,” he said.

He said businesses were facing higher operating and working capital costs, with small and medium-sized enterprises particularly affected.

On the plus side, Bank Negara Malaysia found that most firms were still able to obtain the raw materials they needed despite disruptions caused by the West Asia conflict.

The Malaysian Investment Development Authority had also identified 52 proposed measures and economic opportunities in response to disruptions in West Asia.

The proposals included positioning Malaysia as a “World+1” destination for companies seeking to reduce supply chain risks.

The initiative would position Malaysia as a stable, neutral and safe investment and trade base, particularly for the semiconductor, aerospace, medical devices, automation, green energy, and critical minerals sectors.

Akmal said Malaysia was also looking to strengthen its role as an air and multimodal logistics hub for the semiconductor industry, with potential air cargo centres in Penang, Senai and KLIA Aeropolis.

He said 36 potential export markets had been identified, including 23 new markets, while opportunities were also being explored in the oil and gas and construction sectors, as well as in reconstruction projects in West Asia.

He said the relevant ministries had been asked to assess the proposals based on their priority, feasibility and suitability. - FMT