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Thursday, May 5, 2016

Vision 2020? Not for wage earners, says expert

University don says workers will face retrenchment and stagnant salaries due to global economic slowdown and dependence on foreign workers.
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PETALING JAYA: The country’s grand Vision 2020, to be a developed nation, will mean nothing to Malaysians in four years as retrenchments will increase and salaries will remain stagnant, an analyst warned today.
Political and economic analyst Prof Hoo Ke Ping said the global economic slowdown would see employers cutting costs, with retrenchments expected in the electronics, banking, oil and gas, retail and property sectors.
This will leave the option of getting jobs in the plantation and infrastructure sectors, which currently employ mostly foreigners.
“The other main employer is still going to be the government,” Hoo told FMT.
Hoo said one of the reasons why salaries would likely remain stagnant was the massive influx of foreign workers. This means employers can take the easy way out and not implement automation and train locals.
“It is cheaper for employers to take foreign workers and get them to do all the dirty jobs. There is still no will to implement automation and have a technology- based workforce,” he added.
Hoo said the millions of foreign workers were not doing the nation any good, firstly because there were taking local jobs at a cheaper rate and secondly, they were causing a delay in automation which would force Malaysians to learn new technology skills and get certificates in the sector they were in.
The slowing economy will not help Malaysians either. “The majority of Malaysians still earn below RM4,000 monthly. Prices of goods will go up but salaries will remain the same. There will not be much of a feel good factor,” said Hoo.
According to the World Bank’s definition, high-income economies are those with a gross national income (GNI) per capita of more than US$12,745 (RM44,575). Malaysia’s GNI per capita stood at US$10,060 in 2013, up about 50% from US$6,700 in 2009.
The country is currently eyeing a GNI per capita of US$15,000 by 2020.
Former prime minister Dr Mahathir Mohamad launched Vision 2020 to achieve a self-sufficient industrialised nation by the year 2020, encompassing all aspects of life, from economic prosperity, social well-being, world class education, political stability, as well as psychological balance.

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