What is the unemployment rate in Malaysia in 2022?

According to the department of statistics Malaysia, the unemployment rate has declined to 3.7 percent in the second half year of 2022 compared to 4.5 percent during the same period last year.

According to the data, this is the lowest rate since February 2020’s month-to-month comparison, showing a good sign of recuperating economy happening in Malaysia.

Although there are 16.6 million in the active labor force in Malaysia, 3.7 percent of unemployment is equal to 620.7 thousand if we look at the actual figure.

 

Is there a government financial scheme to protect loss of employment (LOE) in Malaysia?