Wednesday, July 10, 2013

2012 EPF withdrawals rise to RM32.98bn

KUALA LUMPUR, July 10 (Bernama) -- Withdrawals from the Employees Provident Fund (EPF) for last year, escalated to RM32.98 billion, up 10.30 per cent from the RM29.90 billion in 2011.
The EPF in its 2012 Annual Report tabled in Parliament today, showed that the top withdrawals were from the 55 age group at RM12.19 billion, followed by RM6.64 billion for Investment Withdrawal.
The report also stated that 99.95 per cent of applications for retirement withdrawals which used the "hassle free" approach were approved and credited into members' bank accounts within four days.

Minimum mandatory retirement age: MTUC unhappy with exemptions

KUALA LUMPUR -- The Malaysian Trades Union Congress (MTUC) is unhappy that exemptions are being given to hundreds of employers on implementing the minimum mandatory retirement age of 60.

Its secretary-general Abdul Halim Mansor said this would have adverse implications on workers, among them employees would be employed as contract workers, lose Socso protection, see their Employees Provident Fund contributions drop to 60 per cent and forego many other perks.
"MTUC objects to the decision of the the Human Resources Minister (Datuk Richard Riot) to give exemptions on implementing the minimum retirement age to 258 companies which applied for the waiver under Section 18 of the Minimum Retirement Age Act 2012.
"The minister's statement that this was agreed to by the Tripartite Body (Unions, Government and Employers) is not true based on the minutes of the meeting which the MTUC has," he said in a statement here today.
He also expressed disappointment that the exemption was also given to giants like BASF, Petronas and the Boustead Group.
The Act came into effect on July 1.



WTO - World Trade Organization : Lamy stresses need to overcome skills gaps in developing countries

It is a great pleasure for me to sit together with Guy Ryder in Room W, the same room where six years ago the first joint ILO-WTO study was launched.
The working relationship between the two organizations is both robust and dynamic.
Robust because the WTO and the ILO collaborate regularly. After the first book launch in 2007, we launched a second co-publication in 2009 and yet another one in 2011. In 2013, we are partnering in an event organized by the ILO in the context of the Fourth Global Review of Aid for Trade to discuss "skills", a topical and critical matter for the world economy.