What drove unemployment to fall from 599,600 to 588,700?

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Strategic Cooperation and Targeted Initiatives Drove Unemployment Reduction

Strategic cooperation between the Ministry of Human Resources (KSM) and various government ministries and agencies was the primary driver behind the reduction in Malaysia's unemployment rate. This collaborative approach facilitated the implementation of a range of initiatives that successfully lowered the number of unemployed individuals from 599,600 in the fourth quarter of 2022 to 588,700 in the first quarter of 2023. The interstate unemployment rate also saw a corresponding decline, with Putrajaya recording the lowest rate at 0.8 per cent.
Enhanced Job Matching and Placement Services

Key initiatives implemented by KSM, through agencies like the Social Security Organisation (Socso) and Talentcorp, focused on improving job matching and placement. The MyFutureJobs portal serves as a virtual platform that connects job seekers with employment opportunities by matching qualifications, skills, and wage expectations with employer needs. As of April, this portal and related efforts have resulted in 793,086 job seekers securing employment. Furthermore, Socso's organisation of daily and weekly interview sessions at state offices and large-scale employment carnivals have actively facilitated job offers, with 5,121 job seekers finding employment through 1,127 implemented programmes by April.
Addressing Mismatches and Supporting Specific Groups

A significant aspect of the strategy involved addressing the mismatch between skills and industry demands, particularly for Technical and Vocational Education and Training (TVET) graduates. A Memorandum of Understanding (MoU) has been established with government-linked companies (GLCs) and private sector firms to enhance training programmes for these students. Additionally, Budget 2023 introduced the active labour market programme, which includes the TVET Career initiative. This programme provides employers with an incentive of RM600 per month for three months for hiring TVET graduates.
Targeted Incentives and Skills Development

Further support was extended to specific demographics through various programmes. The informal gig riders career building programme offers a RM300 monthly allowance for three months to gig riders undertaking skills training, aiming to transition them into more stable formal sector jobs. The Daya Kerjaya programme specifically targets long-term unemployed youth and vulnerable groups, such as the hardcore poor, parolees, ex-convicts, women, Orang Asli, and persons with disabilities, by providing targeted employment incentives and job placement assistance.

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What drove unemployment to fall from 599,600 to 588,700?

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