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More Malaysians are Losing Jobs and Suffering from Economic Crisis due to the MCO.

More Malaysians are Losing Jobs and Suffering from Economic Crisis due to the MCO.
Apr 10, 2020
4:08 pm

In a survey with over 168,000 respondents, the Department of Statistics reported that almost half of self-employed Malaysians had lost their jobs due to the MCO.

How to Cope When You Lose Your Job - FamilyLife Canada

The report, which was published yesterday, 9 APR 2020, noted that the following:

  • 28.6% of the group had enough savings that can last them for less than a month.
  • 43% had savings for two weeks of expenses.
  • 28.4% had savings for less than four weeks of expenses

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This is a drastic difference when compared with other groups of people who had savings of more than a month of expenses:

  • 68.8% of multinational companies' (MNC) employees
  • 61.1% of Government Linked Companies' (GLC) employees
  • 50.8% of employers
  • 42% of private sector employees

Malaysia Chronicle

The survey, aptly named Effect of COVID-19 on the Economy and Individual, was conducted online between 23 - 31 MAR 2020 on Malaysians aged 15 and above.

The financial savings duration of different groups.

The report also found that only 6.2% of respondents were not financially affected during the MCO - while a whopping 52.6% of respondents reported that their finances were severely impacted during this period.

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The survey's findings highlighted that the agriculture and services sectors had the highest percentage of job losses as compared to other sectors.

"For the agriculture sector, 33.0% of workers in the fisheries sub-sector reported job losses whilst 21.1% in agriculture and plantation," said Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin.

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"In the services sector, job losses were in the Food and Beverage Services sub-sector recording 35.4%, followed by the Transport and Storage sub-sector with 18.7%."

In contrast, only 1.8% of private sector employees had lost their jobs, while only 0.4% of GLC and MNC employees had lost their jobs.

A vast majority of MNC and GLC employees were working from home.

The effects of COVID-19 pandemic on different groups.

80.8% of MNC employees were working from home, while 73.7% for GLC employees.

A striking 13.2% of private sector employees were told to take unpaid leave, however, the group also reported the highest for having "no impact" due to the MCO. 

Employers reported the highest for taking unpaid leave at 14.5%.

A sizeable amount of individuals reported that they were working fewer hours - employers (22%), private sector employees (17.5%), GLC employees (14.7%), self-employed (13.8%), and lastly MNC workers (7.2%).

Additionally, only GLC and MNC employees reported that the majority of them were financially ready to face an extension of the MCO.

The financial preparedness in the event of a MCO extension.

Self-employed (81.9%), employers (71.3%), and private sector employees (65.1%) reported that they were not financially prepared if there is an extension of the MCO.

The findings here show a similar trend with the amount of savings they had as mentioned earlier, except for employers - 50% of them reported having savings of more than one month... but 71% of them reported not ready to face a MCO extension.

You can read the full report HERE.

Source: SAYS.com

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