PETALING JAYA: Bosses are not in favour of the proposal to increase employer contributions to the Employees Provident Fund (EPF), says the Federation of Malaysian Manufacturers (FMM).
Its president Tan Sri Soh Thian Lai said mandating all employers to provide a higher contribution rate would be detrimental, especially to the small and medium enterprises that made up 97% of businesses.
"The industry is of the view that the focus of the government at this point of time should be on short-term and immediate initiatives for workers to have more money in their pockets and to improve the purchasing power of the rakyat amid the continued price pressures that impact everyone. Soh said in addition, the monetary value of the employer’s contribution does not remain stagnant but increases yearly based on wage adjustments in tandem with the changes to the Consumer Price Index.
He added that the current conditions of deduction and contributions towards the retirement savings for EPF members were also sound in meeting future needs.
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