Daily HR News 2.12.2024
1. Unfair to give 16 days’ annual leave for all, says business group
A Malaysian business group has raised concerns over the proposal to standardize 16 days of annual leave for all workers, arguing it may not align with the economic realities of small and medium-sized enterprises (SMEs). They suggest that leave policies should consider factors like company size and industry challenges to balance employee rights with business sustainability. The group emphasizes the need for consultation with stakeholders to develop fair labor policies.
2. Alternative Views: How a lucrative immigration IT system survived five prime ministers and is poised to rake in billions
The article highlights the lucrative business surrounding Malaysia's foreign labor market, where agents and systems like Bestinet's FWCMS process workers' documentation. Despite criticism and incomplete operations, Bestinet has maintained its contracts, earning significant fees. Questions arise about the system's efficiency, its dominance in the Bangladeshi worker segment, and unresolved issues in past agreements. Recent developments include a Bangladeshi government extradition request for Bestinet's owner, linked to alleged extortion, amid concerns about transparency and worker exploitation.
Source : https://theedgemalaysia.com/node/736165
3. Malaysia’s growth to remain steady in 2025 but global uncertainties loom large
RAM Ratings affirmed Glacier Assets Berhad's RM555 million Senior Notes at AAA/Stable, supported by Air Selangor’s guarantee and its strategic role in water services. Timely payments, fixed annual instalments from SPLASH, and prioritization of senior obligations ensure financial stability. Implicit government backing strengthens the notes’ credit profile.
Source: https://www.ram.com.my/pressrelease/?prviewid=6825
4. Proposed amendments to restructure MCMC membership and expand its functions
The Malaysian Communications and Multimedia Commission (Amendment) Bill 2024 proposes key reforms to Act 589. These include separating the roles of chairman and CEO, increasing commission members from five to seven, and requiring expertise in fields like law, finance, and public administration. It also expands the MCMC's functions to include regulating infrastructure standards and licensee oversight.
Source : https://theedgemalaysia.com/node/736260
5. OBS Bill: Contract workers also eligible for 98-day maternity leave
The Occupational Safety and Health (OSH) Amendment Bill 2024 introduces equal rights for contract workers, including eligibility for 98 days of maternity leave, aligning their benefits with permanent employees. The bill reflects Malaysia's commitment to strengthening workplace rights and welfare, emphasizing inclusivity and equal treatment for all employment categories. This landmark amendment awaits final parliamentary approval.
6. Nearly RM11b withdrawn from EPF Account 3 as of end-Sept — MOF
The Employees Provident Fund's (EPF) Flexible Account (Account 3), introduced in May 2024, has seen RM10.78 billion withdrawn by 3.86 million members as of September 2024, addressing short-term financial needs. Contributions are now divided into 75% (Account 1), 15% (Account 2), and 10% (Account 3). The EPF also reports RM1.22 trillion in investment assets, with 37.8% overseas.