Daily HR News 8.11.2024
Malaysia’s 2025 Budget focuses on long-term prosperity through structural investments in critical sectors like healthcare, education, and infrastructure. Key measures include raising the minimum wage and introducing a dividend tax. Emphasizing resilience, the budget aims to address demographic challenges, climate change, and food insecurity, while fostering private-public partnerships and advancing AI to drive equitable growth and economic opportunities.
Source: https://www.businesstoday.com.my/2024/11/08/2025-budget-beyond-quick-fixes-
toward-lasting-prosperity/
A recent report by the Department of Statistics Malaysia (DOSM) reveals that 1.95 million educated Malaysians are employed in low-skilled jobs, despite possessing higher qualifications. This mismatch highlights a significant issue in the country’s labor market, where education does not always align with job opportunities. The report underscores the need for upskilling initiatives and better alignment between education and industry demands.
Source: https://www.malaymail.com/news/malaysia/2024/11/08/dosm-report-reveals-195-million-educated-malaysians-stuck-in-low-skilled-jobs/156249
Malaysia’s youth unemployment remains persistently high, despite an overall drop inthe national jobless rate to 3.2% in Q3 2024, according to the Department of Statistics Malaysia (DOSM). The report highlights that young people aged 15-24 continue to face significant employment challenges, emphasizing the need for targeted policies to improve job prospects and reduce youth unemployment in the country.
Source: https://www.malaymail.com/news/malaysia/2024/11/08/malaysias-youth-unemployment-remains-stubbornly-high-as-overall-jobless-rate-drops-to-32pc-in-q3-dosm-reports/156246
Fourteen Malaysian plantation associations have urged the government to reconsider the mandatory EPF contributions for foreign workers, arguing it could increase operational costs and contradict the EPF Act. The policy, which conflicts with the short-term nature of foreign employment, may reduce workers’ disposable income, harming retention. The groups advocate for a phased approach, flexible savings solutions, and further dialogue with stakeholders.
Source: https://klse.i3investor.com/web/blog/detail/ceomorningbrief/2024-11-08-story-h473716589 Malaysian_Plantation_Associations_Call_for_Review_of_Mandatory_EPF_Contr