Daily HR News 11.11.2024
Deputy Governor Marzunisham Omar's speech addresses the challenges and opportunities posed by technological advancements such as AI and automation. He highlights Malaysia’s need to embrace technological progress while ensuring it leads to job creation, productivity gains, and competitiveness. Policy should focus on fostering innovation, supporting reskilling, and protecting vulnerable workers. Collaboration between industry, government, and academia is essential for shaping a future-proof workforce.
The Employees Provident Fund (EPF) reported RM19.67 billion in investment income for 3Q2024, a 34.1% increase from RM14.67 billion in 3Q2023. Equity investments contributed 93% of the income. EPF’s total investment income for January-September 2024 reached RM57.57 billion, up 20% year-on-year. The fund’s assets totaled RM1.22 trillion, with 62.2% allocated to Malaysian investments. Contributions also grew, with 16.1 million members and RM25.2 billion in 3Q2024 contributions.
Source: https://theedgemalaysia.com/node/733526
Cr Wong Ching Yong, Chairman of SUPP Dudong, criticized the proposal to require local entrepreneurs to pay EPF for foreign workers, arguing it would dilute EPF dividends for Malaysian citizens and harm the national economy. He highlighted that Singapore’s move to close foreign workers' CPF accounts underscores the risks. Wong suggested a foreign worker insurance plan instead, to protect both workers and the EPF system.
Source: https://www.newsarawaktribune.com.my/paying-epf-to-foreign-workers-will-not-benefit-economy/
The EPF reported RM57.57 billion in investment income for the first nine months of 2024, a 20% increase from the previous year. In Q3, investment income rose 34% to RM19.67 billion, driven by strong equity performance. International investments contributed RM10.5 billion, while fixed income provided steady returns. EPF membership grew to 16.1 million, with total contributions increasing to RM25.2 billion in Q3 2024.