PM concerned over bankruptcy among youths, to hold talks with BNM governor

KUALA LUMPUR (June 26): Prime Minister Datuk Seri Ismail Sabri Yaakob on Sunday expressed concern over the increasing number of bankrupts among youths.

In view of the situation, Ismail Sabri said he will hold discussions with Bank Negara Malaysia governor Tan Sri Nor Shamsiah Mohd Yunus on measures to curb the problem.

Talks will also be held with Minister in the Prime Minister’s Department (Parliament and Law) Datuk Seri Dr Wan Junaidi Tuanku Jaafar to review relevant legislation.

“I am concerned when looking at the latest statistics on bankruptcy among youths and I am also concerned that the numbers will rise further.

“The government has previously raised the threshold. We also delayed legal action involving bankruptcy during the pandemic… the future of youths is a priority agenda,” he said when officiating at the closing of Barisan Nasional Youth’s Career Fair at the World Trade Centre on Sunday.

Meanwhile, Ismail Sabri said the transition to the endemic phase beginning from April 1 was the starting point of Malaysia’s economic recovery process, which he added is currently in a good momentum, which in turn has lowered the country’s unemployment rate.

Based on numbers provided by the Department of Statistics Malaysia (DOSM), until April this year, the country’s unemployment rate was brought down to 3.9%, compared with 4.6% for the same period in 2021.

“This is the first time the unemployment rate has dropped below 4% since the Covid-19 pandemic with the number of unemployed remaining on a downward trend for nine consecutive months,” the prime minister said.

He said Covid-19 has changed the country’s employment landscape with the unemployment rates in 2020 and 2021 at the highest levels of 4.5% and 4.6%, respectively, following the implementation of the Movement Control Order nationwide.

Ismail Sabri said the closure of several economic sectors increased the country’s unemployment rate to 5.3% in May 2020, the highest monthly (unemployment) rate ever recorded.

Following this, the government has been organising career fairs since October 2021 as part of its efforts to ensure the survival of Keluarga Malaysia (Malaysian Family) and for them to have better lives post Covid-19, he said.

This year alone, Ismail Sabri said, the government is targeting up to 600,000 job opportunities, with an allocation of RM4.8 billion, through the Malaysian Family Job Guarantee initiative.

He said according to DOSM’s Labour Force Survey Report, some 2,750 graduates have gained employment through the Ministry of Higher Education’s Career Enhancement Programme.

Besides this, he said 2,479 youths have also gained employment through guaranteed job incentives under the Youth and Sports Ministry’s National Apprenticeship Scheme, with the cooperation of the Works Ministry and the Human Resources Ministry.

“Up to May 8, MyDigitalWorkforce Work in Tech had successfully placed 649 participants out of 3,596 applicants, including youths, in technology- and digital service-related jobs.

“Apart from that, until April 30, a total of 2,060 graduates had been placed under the Professional Training and Education for Growing Entrepreneurs initiative through the Entrepreneur and Cooperative Development Ministry for the implementation of marketability improvement programmes and to promote entrepreneurial skills,” he said.