Kuala lumpur: The unemployment rate in the country has decreased to 2.9 percent in November, marking the lowest level observed in the past 11 years. This development indicates a positive trajectory for the nation's labour market, as stated by Human Resources Minister Datuk Seri R. Ramanan.
According to BERNAMA News Agency, Ramanan attributed this significant milestone to the robust economic policies implemented under the leadership of Prime Minister Datuk Seri Anwar Ibrahim. The decline in unemployment was accompanied by an increase in employment figures, reaching 17.09 million, and a rise in the employment-to-population ratio to 68.8 percent, signifying a growing number of Malaysians entering the workforce.
Ramanan pointed out that the labour force participation rate (LFPR) remained steady at 70.9 percent, demonstrating public confidence in the economy's capacity to offer stable job opportunities. He emphasized that a high participation rate reflects the health and resilience of the country's economic fundamentals.
The minister also noted that the labour market stability is further affirmed by the fact that wage earners constitute 74.8 percent of the total workforce. This increase in formal employment suggests improved social protection for workers.
Ramanan stated that these positive labour market trends serve as a foundation for the Ministry of Human Resources, known as KESUMA, to continue enhancing the labour market in alignment with industry requirements. He highlighted the importance of preparing for future demands to maintain the nation's economic competitiveness.
Under the MADANI Economic Framework, KESUMA plans to implement initiatives focused on upskilling, reskilling, progressive wage policies, and improving job quality and worker protection. Ramanan reiterated the government's dedication to ensuring sustainable economic growth that benefits all citizens.
He further directed KESUMA to promote quality employment through training, skills development, and labour market reforms, ensuring that the nation's economic growth contributes to the overall well-being of its people.