Unemployment a global phenomenon during a world economic slow down



Unemployment a global phenomenon during a world economic slow down

The global economy is expected to grow even more sluggish in the months to come with many jobs at stake.


The Malaysian Employers Federation (MEF) has warned that more people will get the axe this year due to the current economic challenges, at both domestic and international levels.

“We can expect a public backlash as more and more people lose their jobs. And it is easy to blame the federal government for their predicament,” Gerakan Deputy Speaker Syed Abdul Razak Alsagoff said.

However, Syed Razak said the unemployment rate woes were not a phenomenon exclusive to Malaysia.

“The whole world, including developed countries, are seeing unemployment rates rising., You don’t have to look far to see this. Just look at across the Causeway (Singapore),” he added.

Syed Razak said it would not be the first time for Malaysians or the rest of the world to have to start reigning in on their spending and live prudently.

“Let’s face reality. When there is a global economic slow down, everyone in the world is affected. We need to stay resilient in facing the challenges, adapt to a highly prudent lifestyle to ride the tide,” he added.

Syed Razak, who is Gerakan’s nominee to contest N.37 Bukit Lanjan in the coming 14th General Election (GE14), said: “In such trying economic challenges, Malaysians must continue to work hard and change to a prudent lifestyle.

“It is easy to lament and blame others instead of oneself. Blaming others and the government will not help you to achieve anything. The reality is that job opportunities become scarce during an economic downturn.

“Continue to work hard for the sake of your loved ones. Do not be choosy with the job offers and the remuneration offered.

“It is better to be employed than to be unemployed. It is better to have work or business than to have no job or no business.”

Syed Razak urged Malaysians to remain resilient and patient to ride out the economic downturn tide and wait for the “bounce back”.

“It is only a matter of time when the global economy starts to recover. And, if you are resilient in your economic resolve, you will also bounce back,” he added.

Here’s what The Star Online reported:

"Nation

Home > News > Nation

Thursday, 23 February 2017
Retrenchments ahead, says MEF

BY HEMANANTHANI SIVANANDAM



PETALING JAYA: The Malaysian Employers Federation (MEF) believes that more people will get the axe this year due to the current economic challenges.

Apart from the weak economy, contributing factors include the introduction of “disruptive technology” in some industries, it said.

According to its executive director Datuk Shamsuddin Bardan (pic), economic challenges would see bosses reviewing their workers’ requirements.

“I think slightly more workers will be retrenched this year,” he told a press conference after the Taxation and Employer seminar jointly hosted by the Inland Revenue Board and MEF yesterday.

Shamsuddin said in 2015, about 44,000 workers lost their jobs while up to September last year, about 40,000 workers were retrenched.

He said the complete data for 2016 has not been released by authorities yet, but the numbers could be higher than the previous year.

In 2015, said Shamsuddin, about 18,000 of those who lost their jobs were from the banking sector due to the introduction of what he termed as “disruptive technology”, where banks were increasingly adopting online transactions, for example.

Other industries that could be affected, said Shamsuddin, include insurance, manufacturing and construction.

He said for the insurance industry, many prefer dealing with the companies directly for their services, which makes the job of middlemen or agents, redundant.

“However, these agents are not really part of the retrenchment rate because they are considered to be self-employed,” he said.

Asked to comment on the E-kad (enforcement card) programme by the Immigration Department, Shamsuddin said the Government should consider widening the criteria.

He said the programme should be open to illegal workers who do not have permanent employers.

Currently, only illegal foreign workers with valid employers can register and legalise their work under the E-kad programme.Shamsuddin said by including illegal foreign workers without employers, the source pool for workers can be widened."


N.37 LET BUKIT LANJAN SOAR WITH SYED ABDUL RAZAK ALSAGOFF

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