Prime Minister Datuk Seri Najib Razak said the government is mulling to implement the Workers Insurance System (WIS) to enhance the social security of workers and facilitate the employers method of conducting business.

"We are working on the details of the Workers Insurance System (WIS). It will involve the sharing of responsibilities by employers.

"The details will be announced after the engagement process with all parties is completed," he told reporters after launching National Workers Day 2016 celebration with the theme "Skilled Workers Drive the Economy" at Dewan Tun Razak, Putra World Trade Centre (PWTC), here Sunday.

WIS aims to help retrenched workers to cover their expenses while looking for new jobs, thus reducing their burden of losing income.

It will also provide counseling services to increase the retrenched workers the chance of landing suitable jobs.

He said the retraining provided by WIS can increase the skills of workers and assist the employers in hiring workers with the appropriate skills.

"WIS gives employers the space to adjust their organisation to suit the change in technology and business structure and reduce pressure due to bankruptcy or downsizing of operation."

Najib said the risk of conflict due to retrenchment can be reduced because WIS will provide security to the workers.

"The implementation of WIS is among the most important feature in creating an active labour market policy (ALMP) in Malaysia.

"The availability of a proactive social security programme to assist the workers and employers to face world economic challenges is no longer a option, but a necessity," he added.