Over 10,000 Malaysians lose jobs since Jan. 1

Special Report:Global Financial Crisis

KUALA LUMPUR, Jan. 28 (Chinese media) -- More than 10,000 Malaysia have lost their jobs since Jan. 1, Malaysian Employers Federation (MEF) Executive Director Shamsuddin Bardan said here on Wednesday.

More were expected to be jobless in the days ahead as companies, particularly in the manufacturing sector, struggle to keep their businesses afloat, he said.

In an urgent appeal to the government, it was of utmost importance for the second stimulus economic package to be released fast so that companies could know clearly where they stood, he said.

The Malaysian government released a 7 billion ringgit (19.55 billion U.S. dollars) economic stimulus package last month and Deputy Prime Minister Najib Tun Razak had promised a second package soon.

The economic downturn this time was much worse than the one in 1997 because it was more widespread and involved the major parts of the world, Shamsuddin said.

The situation was more critical as almost 600,000 local new jobseekers were flooding the job market every year, he said.

This comprised of university graduates, diploma holders, skilled workers and fresh school leavers.

Another factor that added to the woes of the jobless was the presence of 1.5 million to 2 million illegal foreigners who were also vying for the same jobs.

The MEF believed that the economic condition would take almost one to two years to improve, he said.

"In the meantime, it would be best for the government to assist businesses and jobless Malaysia to tide over this bad times," he added.