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SPEECH BY
YB TUAN LIM GUAN ENG
MINISTER OF FINANCE

IN CONJUNCTION WITH

 

THE EMPLOYEES PROVIDENT FUND’S
INTERNATIONAL SOCIAL WELLBEING CONFERENCE
2019
&
THE LAUNCH OF MALAYSIA@WORK

 

21 – 22 November 2019
Grand Hyatt Hotel, Kuala Lumpur


 

Yang Amat Berhormat the Prime Minister of Malaysia,
Tun Dr Mahathir Mohamad

Yang Amat Berhormat the Deputy Prime Minister
Dato’ Seri Dr. Wan Azizah Dr. Wan Ismail

Yang Berbahagia Tan Sri Samsudin bin Osman
Chairman of the EPF

My Colleagues in the Malaysian Cabinet

Members of the EPF Board

Yang Berbahagia Alizakri Alias
Chief Executive Officer of the EPF

Senior officials from the government

Senior management from the EPF

Yang Berbahagia Tan Sri, Dato’ Seri, Dato

Members of the media

Distinguished Guests,

1. A very good morning to all.

2. Thank you for being part of the dialogue on one of the country’s most pressing social well-being issues. By far the most urgent is the issue of unemployment.

3. At the tabling of Budget 2020, Malaysia@Work #MalaysiaKerja programme was unveiled, a 6.5 billion ringgit stimulus package over the next five years to create up to 350,000 jobs. Let me state clearly that this mission of creating jobs for the unemployed, which is also guided by the Prime Minister, is not the number of jobs that will be created by the government but principally for those who need a job, this is on top of the jobs created by the marketplace.

4. The four components in Malaysia@Work target very specific groups: Graduates@Work focuses on employment for fresh graduates, Apprentice@Work aims to increase TVET participation among our youths, Women@Work to attract talent amongst qualified women and Locals@Work to promote 3D jobs to Malaysians.

5. This massive nation-wide programme will commence in stages beginning Quarter 2 of 2020.

6. Basically, the wage and hiring incentives under Malaysia@Work will be credited directly into the individual’s EPF accounts, offsetting the statutory contributions by the employers and employees.

7. Any excess amount of the wage incentive will be credited into a special account created by the EPF that allows for flexible withdrawal, any amount, whenever needed.

8. This mechanism will allow the participants to save for their retirement and at the same time the higher disposable income will enable them to support their daily needs.

Ladies and gentlemen

9. The Government is confident that the EPF has the knowledge, experience and resources to handle a massive nationwide drive such as this. The EPF is one of the oldest and largest retirement savings funds in the world. It also has access to possibly the largest database of workers and employers in the country, with more than 14 million members and over 504,000 employers.

10. Still, I must stress that that Malaysia@Work is not an EPF only initiative. Rather, Malaysia@Work can only be successful through collaborative efforts between employers and policy makers.

11. To ensure that we implement Malaysia@Work properly, the government will need your input and I welcome the strong idea sand contributions from all of you, starting today, at this conference.The Malaysia@Work programme is ambitious, and is unique because it gives incentives not only to employees but also employers. Please help us make Malaysia@Work, and give meaningful work to 350,000 Malaysians who will be able to find their proper place within society.

12. Once again thank you for coming along on this ride towards a better, brighter Malaysia.

Thank you.