14 October 2013, Malaysia: Today, when I send my car for alignment - the local newspaper 'Star' front page caught my attention ... "Job Seekers Feel The Heat - No Vacancy". Being a HR professional, this type of news is always scary but a credible information for us to up-date the senior leadership. Just want to share some of the article findings ...
- w.e.f. July 01 - the Malaysian government extend the retirement age of 55 to 60 (under the Minimum Retirement Age Act 2012);
- uncertainty of world economy has caused most employers to adopt a "wait and see" attitude towards recruitment. It was reported a 35% drop in job vacancies - mostly affecting fresh graduates;
- there are reports that some employers are offering Voluntary Separation Scheme and other packages for employees to leave their organization;
- employers is also bracing for the full impact of the minimum wage policy in January 2014;
- More employers are opting for contract employees and more fresh graduate are willing to work under contract employment to gain experience.
Other resources:
- Potential Impact of the Minimum Wage Policy on the Malaysian Economy
- http://www.slideshare.net/ted13/minimum-wage-in-malaysia
- http://www.thestar.com.my
- What is Voluntary Separation Scheme?
- http://www.mohr.gov.my/docz/Minimum_Wage_Policy_19032013.pdf
I believe the above mentioned information will be useful for those with Asia-Pacific Regional HRM responsibility.
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