The Malaysian Employers Federation (MEF) calls on profitable businesses to respond positively to the recommendation of Prime Minister Anwar Ibrahim in Budget 2024 that private sector employers should review the appropriateness of remuneration and rewards.
Its president Syed Hussain Syed Husman said that employers should also take into account the current cost of living challenges when considering the employees’ remunerations.
During the tabling of Budget 2024 on Friday, Anwar said that by next year, the government will start intensifying engagements and calls for the private sector employers to reward employees, especially companies with reasonable profits.
Additionally, Syed Hussain said the overall allocation involving Technical and Vocational Education and Training (TVET) amounted to RM6.8 billion and would attract more youths to take up the programme.
He said the Madani Budget revamps the country's TVET through collaboration with government-linked companies (GLCs) and private companies.
As of Oct 5, 17 GLCs and 44 private companies have cooperated for curriculum development as well as contribution of equipment and expertise.
The RM1.6 billion in funding to provide 1.7 million training offers with HRD Corporation Bhd would reallocate 15 percent of the special fund of the total levy collection to implement the training programme.
It will encompass retraining and skills improvement programmes for SME entrepreneurs and the vulnerable such as ex-convicts, persons with disabilities, senior citizens and pensioners.
Also, the RM100 million is allocated to provide industry-recognised professional certification to TVET graduates and act as an incentive for the industry to collaborate with public TVET institutions.
The Academy in Industry programme will be implemented to provide skills training while working for up to 18 months with an allocation of RM70 million.
- Bernama
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