On the surface, the Employment Insurance System Bill is a great piece of legislation, one that will help Malaysians make ends meet if they ever lost their jobs.

However, at least one opposition MP has raised concerns that the Bill may be used as a means for the government to make money.

Under the Bill, an Employment Insurance Fund will be set up, which will collect contributions from employers and employees.

The fund, managed by the Social Security Organisation (Socso), will be empowered to use the monies it has, to make investments, including in shares and bonds.

Kelana Jaya MP Wong Chen is concerned that the funds will be used for government bonds, a move that will fill up Putrajaya's coffers.

"What we know for certain is the government currently has a cash flow problem.

"That being the case, there is valid suspicion that this insurance scheme could be primarily motivated to raise more money for the government.

"This could end up being an EPF like body that buys lots of government bonds," Wong told Malaysiakini.

The PKR MP said to dispel such concerns, the government should divulge data and statistics it has on the subject of job losses.

He said this includes the retrenchment and dismissal rates, and projected payouts by the fund.

"If the contributions far outweigh projected payouts then what we have is not an insurance scheme but a tool to solve Prime Minister Najib Abdul Razak's fiscal problems," he said.

Wong also said if the government was sincere in helping workers, it should implement international standards on trade unions first.

The Employment Insurance System Bill, if passed into law, will give Malaysians who lost their jobs between three to six months of unemployment benefits.

Malaysians who work more the one job are also entitled to a loss of income allowance.