PETALING JAYA: Increasing employer contributions to the Employees Provident Fund (EPF) will not help businesses grow or increase productivity, says the Small and Medium Enterprises Association of Malaysia (Samenta).
The association suggested that the government should, instead, focus on creating higher-value jobs for the people and help businesses and workers to be more productive.Its chairman Datuk William Ng said as the country is making efforts to revive the economy, an increase in EPF contribution at this juncture is not only counter-productive, but could be more harmful than helpful to the people.
In response, Ng said the nation's economic recovery process during the post-pandemic stage has remained fragile. He pointed out that SMEs had experienced several major challenges in recent years, from wage increases to higher operating costs. "When the government pleaded with SMEs to keep our employees on the payroll despite the pandemic, we rose to the challenge.
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