Job security risks during pandemic Covid-19 and unemployment insurance: a preliminary review

The unemployment rate increased, and the Malaysian Ringgit against the USD depreciated. As the Government strives to ensure the citizens' well-being, the risk of job loss and the closing of businesses, especially small-medium enterprises, happens. Unemployment insurance is perceived as one of the successful options for individuals. This preliminary paper reviews the needs and application of insurance protection against the job security risk. It has been shown that there are other countries that empirically succeed with the protection scheme. The primary purpose of this article is to nurture awareness about the need for further research on job security risks and the necessity of unemployment insurance or takaful.