PETALING JAYA: The Federation of Malaysian Manufacturers (FMM) says it is not in favour of a proposal to increase employers’ EPF contribution as a means to boosting employees’ retirement savings.
“The government’s focus should be on keeping the cost and standard of living manageable, as well as ensuring a positive economic growth trajectory which would provide a conducive environment for businesses to increase their profits and improve their cashflow,” said FMM president Soh Thian Lai in a statement.
He said this would then allow businesses to provide better wages and benefits for their employees.
On Sunday, Prime Minister Anwar Ibrahim said the government will discuss a proposal to increase employers’ EPF contribution as a response to demands from various unions for such an increase to boost employees’ retirement funds.
Employers are currently required to contribute 13% for those earning RM5,000 and below, and 12% for those earning above RM5,000. Employees contribute 11%.
MORE TO COME - FMT
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