Malaysia sees 68,000 job losses in 2024, concentrated in manufacturing and retail

Malaysia's labour market has weakened considerably this year, with approximately 68,000 workers losing their jobs across various sectors, according to Economy Minister Akmal Nasir. The manufacturing and retail trade industries have been hit hardest by the contraction, accounting for the majority of job losses recorded to date.

In response to the employment crisis, the Social Security Organisation (Perkeso) has mobilized support measures to help affected workers transition to temporary employment opportunities. The intervention underscores government concerns about the economic slowdown impacting livelihoods across the region.

The job losses reflect broader economic headwinds facing Malaysia, as manufacturing output has contracted and consumer spending in the retail sector has weakened. The concentration of redundancies in these labour-intensive industries has prompted calls for coordinated relief efforts to prevent further economic deterioration.

Minister Akmal's acknowledgement of the employment situation signals renewed focus on labour market stability as policymakers grapple with subdued growth conditions. Perkeso's involvement represents a direct intervention aimed at minimizing the social impact of sectoral job shedding and maintaining household income stability during the economic slowdown.