Its president Tan Sri Soh Thian Lai said mandating all employers to provide a higher contribution rate would be detrimental, especially to the small and medium enterprises that made up 97% of businesses.
"The industry is of the view that the focus of the government at this point of time should be on short-term and immediate initiatives for workers to have more money in their pockets and to improve the purchasing power of the rakyat amid the continued price pressures that impact everyone. Soh said in addition, the monetary value of the employer’s contribution does not remain stagnant but increases yearly based on wage adjustments in tandem with the changes to the Consumer Price Index.
He added that the current conditions of deduction and contributions towards the retirement savings for EPF members were also sound in meeting future needs.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cabinet to discuss increasing employers’ EPF contribution, says PMThere have been calls by various unions to boost employees’ retirement savings.
Source: fmtoday - 🏆 5. / 72 Read more »
Cabinet will discuss increasing employers’ EPF contribution, says PM AnwarPUTRAJAYA, May 1 — Prime Minister Datuk Seri Anwar Ibrahim today said that the Cabinet will discuss a proposal to increase employers’ contribution to the Employees Provident...
Source: malaymail - 🏆 1. / 86 Read more »
Cabinet to discuss increasing employers’ EPF contribution, says PM | The Malaysian InsightThis follows calls by groups to bolster workers’ retirement savings.
Source: msianinsight - 🏆 8. / 63 Read more »
Calls for employers to contribute 20% to employees' EPF will be discussed, says PMPUTRAJAYA: Calls by workers for employers to contribute 20% towards the Employees Provident Fund (EPF) will be discussed, says Datuk Seri Anwar Ibrahim. 2. Cheated by ex-hubby, victim says never trust anyone 100%
Source: staronline - 🏆 4. / 75 Read more »
Talks On Increasing Employers' EPF Contribution For Employees To 20% Garner Mixed Reactions | TRPPrime Minister Datuk Seri Anwar Ibrahim said that the Cabinet will discuss a proposal to increase employers’ contribution to the EPF funds.
Source: therakyatpost - 🏆 14. / 59 Read more »
PM: Requests for 20% EPF contributions will be discussedPUTRAJAYA: Calls by employees for employers to contribute 20% towards the Employees Provident Fund (EPF) will be discussed, said Datuk Seri Anwar Ibrahim.
Source: staronline - 🏆 4. / 75 Read more »