Malaysia's employment market resilient, says HLIB
KUALA LUMPUR: Malaysia's job market is expected to be supported by continued export activity, sustained domestic demand and supportive fiscal policies.
Malaysia's job market is expected to remain resilient, according to the Hong Leong Investment Bank Bhd (HLIB). Despite a flat employment growth in June, pointing to growing caution among employers on hiring, the Social Security Organisation's (Perkeso) job vacancy data suggests that labour demand remains firm. The unemployment rate was anchored at three per cent, with a faster increase in the number of unemployed persons on a month-on-month basis and a slower decline on a year-on-year basis.
Furthermore, job vacancies more than doubled in July, coinciding with the final approval of Section 45F of the Employment Insurance System Act, which requires employer notification of vacancies before hiring. HLIB expects continued export activity, sustained domestic demand, and supportive fiscal policies to continue underpinning the labour market, despite ongoing geopolitical tensions.
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