Economist moots EPF contributions of up to 15% for foreign workers

Free Malaysia Today

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/  Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #EPF #Foreign #Workers #Contribution

Transcript

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.

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