About 10,000 people have been retrenched as of July this year, painting a grim picture for the future employment market.
Malaysian Employers' Federation (MEF) president Datuk Shamsuddin Bardan said this was due to numerous factors, including the declining value of the ringgit, escalating prices and the lack of new job openings.
"Also, the government has decided not to employ new staff, save for critical or sensitive posts," said Shamsuddin, adding that this would affect about 10pc of the job market.
