Update: The Government had assumed Brent crude to be at US48 per barrel when it unveiled Budget 2016, which is more than 33 higher than the current Brent prices of less than US32 a barrel.
KUALA LUMPUR: Parti Sosialis Malaysia (PSM) wants assurances that the newly tabled Employment Insurance System Bill will be debated and passed during the current Dewan Rakyat meeting.
In a memorandum addressed to Human Resource Minister Datuk Seri Richard Riot Jaem on Wednesday, the party said it hoped that the EIS could come into force by next January as more and more workers are losing their jobs.
The EIS Bill, which was tabled for its first reading in Parliament on Tuesday, seeks to provide insurance cover for workers who have been laid off and to increase their re-employability.
It is expected to be tabled for its second and third reading before being passed in this Dewan Rakyat meeting.
The current Dewan Rakyat meeting began on July 24 and ends on Aug 10.
A group of PSM members had arrived in Parliament earlier for a scheduled consultation session on the Bill with the Ministry.
However, Richard and his deputy Datuk Seri Ismail Abdul Muttalib were unable to attend due to last minute engagements.
PSM was represented by Sungai Siput MP Dr Michael Jeyakumar, while Richard was represented by Human Resource Ministry's principal assistant secretary Mohd Hajazy Jusoh and an official from the Social Security Organisation (Socso) who declined to be identified.
The EIS — which will be administered by Socso — makes it mandatory for employers to make contributions to the Employment Insurance Fund based on their workers' salaries.
The employee will pay half the contribution while the balance will come from the employer, and the contributions are based on fixed rates, which begin at 20 sen for those earning RM30 a month to RM59.30 for those whose monthly wages are RM4,000 and above.
The insurance scheme covers staff involved in a voluntary or mandatory separation scheme, or those made redundant due to business restructuring or closure.
The EIS is expected to come into force on Jan 1 next year, with payouts starting in 2019.
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