KUALA LUMPUR, Nov 2 — Talent Corporation Malaysia (TalentCorp) welcomed Budget 2019 as a timely response to industrial needs, addressing the demands of the workforce while focusing on its overall wellbeing.
The government agency said the various allocations for the digital economy’s infrastructural upgrade are necessary in light of the advent of Industrial Revolution 4.0 (IR 4.0).
“The IR 4.0 economy is set to be a highly competitive global marketplace, requiring an agile workforce powered by an internet-driven technology. The Budget reflects the government’s concern in this matter, and is therefore focused on preparing our national talent pool for the challenges ahead,” it said in a statement.
Among the areas of concern listed by TalentCorp are improving Malaysian graduates’ marketability, increasing the national Female Labour Force Participation Rate to 59 per cent by 2020 and encouraging the hiring of senior citizens willing to work.
“The Budget’s double taxation deductions will hopefully provide the private sector with much-needed support and increase offerings of upskilling opportunities in Science, Technology, Engineering and Mathematics, and Technical and Vocational Education and Training programmes and diploma or degree courses.
“With the government taking the lead in encouraging women to return to work by setting up childcare centres for all government offices, the private sector ought to follow suit as well as push for more women in leadership roles and increase women on boards to 30 per cent,” it said.
Talent Corp added the new tax incentives for companies hiring seniors with a salary limit of RM4,000 a month as well as reducing their mandatory Employees Provident Fund (EPF) contributions from 6 to 4 per cent will help lure Malaysia’s most experienced talents back to the workforce.
“Lastly, the promise to review labour laws along with implementing the Employment Insurance System clearly signals the government considers employer discrimination as a key concern and the overall well-being of talent a key priority.
“We are hopeful more private sector employers will respond positively through innovative efforts in creating more supportive workplace environments, including offering work-life practices such as family-family facilities, flexible work arrangements and work-life benefits,” it said.
By doing so, TalentCorp said this will accelerate efforts to leverage the country’s strength in diversity and workforce inclusion, thereby achieving better future national productivity and economic results.
* A previous version of this story contained an error which has since been corrected.
