COVID-19 has resulted in a global recession and mass unemployment, and Malaysia has not been spared.
As a result, a majority (92%) of Malaysians have admitted to experiencing some level of stress over losing their jobs, revealed a YouGov survey of 665 Malaysians employed in full-time jobs.
About two in ten (23%) feel a little stressed, while 47% felt somewhat stressed and 23% felt very stressed. Only a small percentage (8%) said they did not feel stressed at all.
The survey also revealed that 25% of Malaysian employees felt insecure in their jobs - up 5% compared to a pre-pandemic era.
One in twenty (6%) feel ‘very insecure’ and 19% feel ‘somewhat insecure’, while 18% felt neither secure nor insecure. The good news is, more than half (57%) still felt secure in their jobs.
Unsurprisingly, those who felt very insecure were also the most likely to feel very stressed, with 44% saying so, as compared with those who felt very secure (14%).
By income level, middle-income earners, with a monthly household income between RM4,000 to RM7,900, were the most likely to feel secure in their jobs (64%). Whereas, low-income earners, with a monthly household income of less than RM4,000 a month, were the least likely to say the same (53%).
Other notable findings from the survey include:
- In the event of losing their jobs tomorrow:
- 71% believed it will be difficult to find another one of similar pay and benefits
- 49% thought it will be 'somewhat difficult'
- 31% felt it would be 'very difficult'
- 18% were indifferent
- 7% felt it would be easy
- If they found themselves unemployed the next day:
- 28% believed they will be able to find a new job within three months
- 18% thought this will take three to six months
- 23% felt it will take between six months to a year
- 15% thought it will take more than a year to find another job
- 15% were unsure
- To find another job with a similar position:
- 41% of Malaysian employees would be willing to take a pay cut of up to 20%
- 20% were willing to take a cut of between 21% and 40%
- 13% were willing to take a cut of more than 40%, with low-income earners being the most willing and high-income earners the least willing (15% vs 4%)
- 26% were unwilling to take any sort of pay cut
- By gender, men were less willing to take a pay cut than women (23% vs 29%).
Infographic / YouGov
Lead image / 123RF