KUALA LUMPUR: Malaysia's unemployment rate is expected go below 4% following the 600,000 new job opportunities created under a "job guarantee" initiative under Budget 2022, says Datuk Seri M. Saravanan.

       The Human Resources Minister said that the workforce, especially the youth, are putting high hopes on Budget 2022 to push the country towards economic recovery.

       "I believe with the RM4.8bil allocation to generate 600,000 jobs, especially for locals, our unemployment rate will further ease under four per cent," he told a press conference in Parliament on Friday (Oct 29).

       Known as "Jamin Kerja Keluarga Malaysia" or "JaminKerja" (job guarantee), the initiative has a RM4.8bil allocation under Budget 2022.

       Tengku Zafrul, in his speech, said the initiative would also be adopted by Socso, which aims to create 300,000 job opportunities with an allocation of RM2bil.

       Under this initiative, employers will benefit from hiring jobless Malaysians, where the government will subsidise 20% of workers' salaries for the first six months and another 30% for the following six months, subjected to jobs that offer remuneration of RM1,500 and above.

       Saravanan also welcomed the RM80mil allocation to help housewives and widows in EPF and Socso contributions under Program Kasih Suri Keluarga Malaysia.

       "This initiative will help affected housewives and widows who were affected during the Covid-19 pandemic," added Saravanan.