Budget 2022 provides guarantee to employees - Saravanan

He said the huge allocation of RM4.8 billion to create 600,000 job opportunities next year under the Jamin Kerja Keluarga Malaysia (JaminKerja) initiative was seen as a guarantee to employees, especially the youths.

"If we look at these two years, all the provisions have been focused more on fighting COVID-19 and so on, but this time the people's expectations are high towards recovery.

"In the early stages, the unemployment rate in Malaysia was at 5.3 per cent but with various efforts and allocations, we have been reducing it to 4.8 per cent. I believe that the allocation of RM4.8 billion will further reduce the unemployment rate to below four per cent," he said.

He told a press conference after the tabling of the budget which carried the theme "Keluarga Malaysia, Makmur Sejahtera" (A Prosperous Malaysian Family) at the Parliament building here.

Saravanan said the challenge today was not only the issue of economic recovery but also the development of Industrial Revolution 4.0 (IR4.0).

"There may be new business opportunities (that can be explored). During this recovery situation, we need to add skills knowledge among the employees, maybe the existing educational opportunities will become irrelevant in the next five years.

"So, with this huge allocation we are preparing not only for economic recovery but preparing the workforce to be competent to face future challenges," he said.

He said the allocation of RM1.1 billion for reskilling and upskilling programmes would contribute to reducing the unemployment rate in the country.

Meanwhile, Saravanan said the allocation of RM80 million under the Kasih Suri Keluarga Malaysia Programme through contributions from the Employees Provident Fund (EPF) and the Social Security Organisation (SOCSO) also provided additional opportunities for women, especially housewives affected by COVID-19.