AS the highly anticipated Budget 2024 approaches, four key areas need attention to propel the welfare of Malaysia’s workforce and accelerate the country’s digital evolution.
1. Equitable taxation and compensation policies
Given the rising cost of living, it is imperative to establish fair taxation policies to safeguard the financial well-being of the workforce.
We need progressive taxation measures that protect the earnings of lower-income individuals to improve their overall financial security.
Additionally, the government should reward businesses that invest in their employees through tax incentives, especially those aligned with the Progressive Wage System, a policy that will be tabled in the forthcoming Budget. These measures will not only benefit employees but also contribute to the promotion of an inclusive and prosperous society.
2. Strengthening employee financial well-being
In today’s complex economic landscape, the financial well-being of employees is of utmost importance. The government should implement financial literacy programmes tailored to the specific requirements of the workforce.
These programmes will equip employees with the necessary knowledge and skills to manage their finances, invest wisely and plan for their retirement.
Furthermore, the government should initiate financial assistance programmes and allocate grants, with the objective of enhancing the affordability and accessibility of essential services, such as housing, healthcare and education.
These initiatives will alleviate the financial strains experienced by employees, ultimately improving their overall quality of life.
3. Accelerating digitalisation and skills development
We are entrenched in the digital era, and it is imperative that our workforce is ready. The government should expedite digitalisation efforts across all sectors, offering incentives to businesses that embrace digital technologies.
To equip the workforce with the necessary skills to excel in the digital economy, the government should implement comprehensive programmes for the development of digital skills, accompanied by adequate funding.
Continuous learning and opportunities for reskilling are essential in bridging the digital divide and ensuring that employees remain competitive and adaptable in the constantly changing job market.
The government should continue the Malaysia Short-Term Employment Programme (MySTEP), which has played a significant role in boosting the employability of graduates through a train-and-place format.
This is a win-win situation, offering graduates an opportunity to acquire relevant work experience in the companies they are assigned to while also enabling participating employers access to a skilled workforce, with government backing.
4. Balancing labour market flexibility and job security
Achieving a balance between labour market flexibility and job security is paramount. Human Resources experts recognise the importance of fair labour practices, including benefits, such as paid family leave and flexible work arrangements.
The pandemic has reshaped mindsets and attitudes regarding work as well as its role in our daily lives.
Today, skilled individuals are increasingly gravitating towards companies that demonstrate a culture that prioritises the well-being of their employees.
For a significant shift towards greater flexibility in the workplace, the government, employers and labour unions need to work collaboratively.
Furthermore, it is advisable to broaden the scope of government-driven initiatives focused on job placement and transition programmes, such as the MySTEP, as well as various digital upskilling programmes spearheaded by the Malaysia Digital Economy Corporation.
These programmes will assist employees in finding new opportunities within an evolving job market, especially now as digitalisation reshapes industries.
In conclusion, our vision should revolve around the advancement and well-being of the Malaysian workforce.
By advocating for equitable taxation, promoting financial empowerment, accelerating digitalisation and striking a balance in the labour market, we can aspire to forge a promising future for employees while contributing to Malaysia’s progress as a dynamic and inclusive nation.
The writer is the founder and managing director of talents solutions company Aisling Group. Comments: letters@thesundaily.com
