Ahmed Razman Abdul Latiff also suggests that foreign workers be allowed to withdraw their savings only at the age of 55.
Read More: https://www.freemalaysiatoday.com/category/nation/2024/10/22/economist-moots-epf-contributions-of-up-to-15-for-foreign-workers/
Laporan Lanjut: https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/10/22/ahli-ekonomi-cadang-caruman-kwsp-warga-asing-15/
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Read More: https://www.freemalaysiatoday.com/category/nation/2024/10/22/economist-moots-epf-contributions-of-up-to-15-for-foreign-workers/
Laporan Lanjut: https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/10/22/ahli-ekonomi-cadang-caruman-kwsp-warga-asing-15/
Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.
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NewsTranscript
00:00An economist has proposed that EPF contributions for foreign workers be set between 13 percent
00:07and 15 percent.
00:09Ahmad Razman Abdullate from Putra Business School said doing so would avoid an outflow
00:13of cash from the country.
00:16He said this is because the increase in the minimum wage from 1,500 ringgit to 1,700 ringgit
00:22is about a 13 percent rise as well.
00:25Yesterday, EPF announced mandatory coverage for non-citizen workers as part of efforts
00:30to expand social protection.
00:34Razman also suggested that foreign workers should only be allowed to withdraw their EPF
00:38savings at 55 years old.
00:41Meanwhile, Aymezul Hazmi from University Kuala Lumpur said applying the minimum wage policy
00:46to foreign workers might impact the outflow of funds from the country.
00:51He said this might encourage employers to shift from manual labor to technology or hire
00:55local workers with higher wages.
00:59Danish Rajareza, SMT News.