budget 2024

Budget 2024 Aims To Speed Up Job Growth & Raise Wages

budget 2024

The Social Security Organisation (Socso) will see six initiatives implemented in the 2024 Budget as a representation of the government’s resolve to promote the emergence of new jobs, thereby unwinding the gaps in the social security net.

According to the group’s Chief Executive Officer, Datuk Seri Mohammed Azman Aziz Mohammed, the Socso Career Building initiative, Employment Support, integration of target groups in the public sector, and tax exemptions for hiring female employees can help boost the country’s labour market and meet the government’s goal of creating 1.34 million jobs.

“A focus on skill development initiatives can prepare employees in both the informal and formal sectors to pursue new career opportunities.” This employability network is intended to exist in tandem with the economic shift to digitization, renewable energy, and green jobs,” he stated today in a release.

Meanwhile, Mohammed Azman said that the overall number of female job searchers from January to October 6 was 198,751, which included those who were working but were looking for new possibilities as well as those who were now jobless.

Related link: Budget 2024 To Prioritise The Ageing population’s Financial Security

“With the Budget 2024 initiative as announced by Prime Minister Datuk Seri Anwar Ibrahim, it will be in line to further increase women workforce in the labour market with a targeted 60% participation rate as planned in the Madani Economic Framework,” the prime minister said.

Azman added that the government is trying to safeguard employees in the care economy sector and the self-employed, particularly gig workers, in order to enhance the social protection network.

Furthermore, Azman stated that the government’s decision to raise the insured wage cap to RM6,000 (USD $ 1266.09) will improve cash benefits by 20.2% for 1.45 million employees and their families, therefore defending the people’s welfare.

Azman stated that increasing the contribution matching grant to 90% (from 80%) will boost the disposable income of 477,281 people.

The Federal Government allocated more than RM200 (USD $42.2) million to Socso to spearhead the execution of projects such as enhancing the social protection network and increasing the national employment market during the presentation of Budget 2024 on Friday (Oct 13).

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