EIS stands for Employment Insurance Scheme. It is a social security programme in Malaysia designed to provide temporary financial assistance to employees who lose their jobs.
EIS is managed by PERKESO (SOCSO) and helps workers during unemployment periods while they search for new jobs.
Every month, both employees and employers contribute a small percentage of the employee's salary into the EIS fund.
If the employee becomes unemployed, they may apply for EIS benefits, subject to eligibility requirements.
The EIS contribution rate is typically 0.2% of monthly salary for both employee and employer.
EIS provides several benefits to unemployed workers:
EIS helps reduce financial pressure when someone loses their job and provides support while they transition to new employment.
Yes, it is mandatory for eligible employees and employers.
No, EIS is not a savings account. It only provides benefits when unemployed.
No. SOCSO covers injury and disability, EIS covers unemployment.
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