More opportunities for job seekers

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KUALA LUMPUR: The JaminKerja Keluarga Malaysia initiative will support the government’s goal of reducing the unemployment rate by providing 600,000 job opportunities this year, says the Prime Minister.
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Datuk Seri Ismail Sabri Yaakob said these would be provided via an allocation of RM4.8bil, which is a key thrust under Budget 2022 on job creation.
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“The JaminKerja Keluarga Malaysia initiative is the manifestation of the government’s commitment to providing more employment opportunities and more sustainable economic development to drive the country’s recovery efforts in a structured manner and to contribute towards strengthening the national labour market.
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“Malaysia is on the right track in its economic recovery efforts through the creation of more employment opportunities to fulfil the needs of the labour market,” he said at the launch of the JaminKerja Keluarga Malaysia initiative themed “Keluarga Malaysia, Makmur Sejahtera” and JaminKerja Keluarga Malaysia Career Carnival 2022 at the KL Convention Centre here yesterday.

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The JaminKerja Keluarga Malaysia (Malaysian Family Job Guarantee) initiative is a collaboration between the Finance Ministry, Economic Implementation and National Strategic Coordination Agency, Human Resources Ministry, Social Security Organisation (Socso) and Human Resource Development Corporation (HRD Corp).
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Also present at the launch were Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz and Human Resources Minister Datuk Seri M. Saravanan.
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The initiative consists of three main programmes, the first of which is the JaminKerja Employment Initiative that will be implemented by Socso with a target of providing about 300,000 job opportunities.
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The second is the Malaysia Short-Term Employment Programme (MySTEP) that will offer 80,000 job opportunities in the public sector, government-linked companies and strategic partners.
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The third is the Upskill Malaysia programme implemented by HRD Corp to provide practical skills training for job seekers to improve their marketability and provide guaranteed job placements.
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About 220,000 trainees will be targeted.
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Ismail Sabri said the JaminKerja Employment Initiative will also focus on efforts to encourage employers to hire especially individuals who were not actively working such as the unemployed, and vulnerable groups consisting of the disabled, former prisoners, the elderly and women who were unemployed for a long time.
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“This is to ensure that no group is left out,” he added.
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Ismail Sabri said once employers are given the incentive to hire, job seekers could use the MyFutureJobs platform to get job matches and fill the vacancies that are offered, adding that incentives will be given to employers who employ locals to fill jobs that used to be filled by foreign workers or expatriates.
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The government, he said, is committed to helping the entrepreneurial community, which hires and creates job opportunities, so that they could continue to grow and rebuild their business through the Semarak Niaga initiative worth RM40bil.
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The Prime Minister added that the Human Resources Ministry, too, has planned 312 open interview programmes and employment carnivals throughout the year.
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“The JaminKerja Keluarga Malaysia Career Carnival is the curtain-raiser for 2022 and is the first to be organised in the country, offering more than 12,000 job opportunities from 50 employers from various industries,” he said.
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To reduce the skills mismatch gap, Ismail Sabri urged the industry to implement better recruitment strategies by taking into account social changes including a more flexible work environment.
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“As the National Employment Council (NEC) chairman, I am confident that the efforts of the NEC in enhancing the momentum of job creation as well as boosting the job market will be able to continue through the JaminKerja Keluarga Malaysia initiative, which in turn will also strengthen the Malaysian Family household income, especially underprivileged groups, and the B40 and M40,” he said. 

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Impact will depend on execution of programme
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KUALA LUMPUR: The RM40bil Semarak Niaga Keluarga Malaysia programme is seen as timely in helping businesses to recover, although its impact would depend on execution and approval processes, according to economists.
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The programme, launched yesterday by Prime Minister Datuk Seri Ismail Sabri Yaakob, aims to increase access to financing for businesses especially micro, small and medium enterprises (MSMEs) and the informal sector.
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The programme comprises direct loans, financing guarantees and equity injections.
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Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the programme is quite timely, as the global economy will take some time to recover.
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Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the programme is quite timely, as the global economy will take some time to recover.
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“This economic disruption is unlike the previous ones such as the 2008 global financial crisis. Governments around the world are still hesitant about reopening their borders and economies,” he noted.
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Regarding government debt and fiscal sustainability, he said the programme involves various government agencies and development financial institutions (DFIs).
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“I don’t think there is direct financing from the government except if there are financing guarantees involved. While the DFIs have a mandate to support the government’s agenda in terms of promoting the growth of MSMEs, the DFIs also exercise their own due diligence to mitigate risk,” he said.
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Afzanizam added that the financial impact of the increased access to financing would also depend on “how quickly the funds are disbursed”.
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“This should help the Micro, Small, Medium Enterprises to recover faster, especially as the government has signalled that there would not be any more lockdowns. We can expect better prospects, going forward, for MSMEs involved in tourism and consumer spending-related activities,” he said.
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Afzanizam also noted that many industries were facing issues such as inflationary pressures due to higher raw material prices, difficulties in getting workers and logistical delays.
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“The better access to financing will certainly help businesses manage their working capital and boost their liquidity position,” he said.

`Meanwhile, Centre for Market Education CEO Dr Carmelo Ferlito told StarBiz he had mixed views about the programme.

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Centre for Market Education CEO Dr Carmelo Ferlito told StarBiz he had mixed views about the programme.

 “From one side, the programme is an open recognition that lockdowns harmed the economy more than the benefits they provided (if any). In this sense, the government’s attempt to support businesses in general and SMEs in particular is welcomed,” he said.
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However, Ferlito said he is concerned about the potential unintended consequences such as inflation.
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“In a nutshell, easy credit or financing can only further stress the inflationary pressures currently at play. Just to give you some figures: given 100 the values of 2019, at the end of 2021, gross domestic product was 97.33 (so, below the 2019 level); however, M1 (the basic monetary aggregate) was 127.78, consumer price index 101.8 and producer price index 107.64.
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“So, further money injections in the form of zero-interest loans and other refinancing initiatives can only add pressure on pressure,” he explained.
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Ferlito said another concern is that economic initiatives may be initiated only because of the financial support rather than on the basis of a sound economic plan.
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On fiscal sustainability, Ferlito said a less risky way to address the needs of businesses is through more favourable tax schemes and incentives rather than ambitious financing programmes, which present risks for inflation, sustainability (for banks too) and in general, for the overall cyclical dynamic of the national economy.
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SME Association of Malaysia national secretary-general Chin Chee Seong said: “This programme is very much welcomed. For businesses to revive and to help in their cashflow, it is important for them to have fresh loans with lower interest and longer repayment periods.”
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Chin said one issue he foresees is that the loans and micro credit schemes may be “taken up very fast” and may not reach the businesses in dire need of such financing.
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“Also, the DFIs should be less stringent in assessing the loan applications and lower the bar for loan approvals,” he said.

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Yuan’s global popularity keeps rising

 

Growing acceptance: A bank employee counting 100-yuan notes in Nantong, China’s eastern Jiangsu province. Usage of the currency has jumped in the past three months as international funds boosted holdings of Chinese government bonds. — AFP
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BEIJING: The Chinese yuan is making deeper inroads as a currency of choice for global payments, with international transactions climbing to their highest level ever.
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Payments using the currency jumped to a record 3.2% of market share, according to data from the Society for Worldwide Interbank Financial Telecommunications, breaking through its previous high set in 2015 that came on the back of a currency devaluation in a bid to increase exports.
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Usage has jumped in the past three months as international funds boosted holdings of Chinese government bonds, pushing their share to a fresh record, and amid gas producer Gazprom Neft’s decision to accept yuan rather than dollars for fuelling the Russian airplanes at China’s airports.
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The People’s Bank of China governor Yi Gang urged emerging economies to promote the use of local currencies at a Group-of-20 central banks’ gathering Wednesday, echoing a similar call from Indonesia to reduce reliance on the dollar to manage the risk of Federal Reserve’s stimulus withdrawal.
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The yuan will be one of the biggest beneficiaries as “trade between various Asian countries and China grows, and more of it is denominated in yuan,” said Alvin T. Tan, head of Asia FX strategy at Royal Bank of Canada in Hong Kong.
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Yuan’s growing popularity could also provide additional support for assets denominated in the currency, even as China’s yield premium over the United States narrows due to policy divergence between the two nations. She expects the yuan to be assigned a larger share in the International Monetary Fund’s reevaluation of Special Drawing Rights basket in July.
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The Regional Comprehensive Economic Partnership trade deal that deepens China’s regional foreign trade ties will also prompt member nations to raise yuan asset holdings due to further economic integration with China, she wrote in a note Wednesday.
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The currency retained its fourth place in the past two months, compared with being the 35th most-popular medium of exchange for payments in October 2010 when Swift, which handles cross-border payment messages for more than 11,000 financial institutions in 200 countries, started tracking.
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Despite its rise in the rankings and having upped its market share by orders of magnitude over the last 12 years, the yuan is still dwarfed in popularity by its more established peers, notably the US dollar and the euro.
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The dollar kept its top spot in January, a position it’s held since June, even though its market share fell to about 39.9% from 40.5% in December.
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The euro also lost ground but held onto second place, while the British pound and yen rounded out the top five in third and fifth place, respectively. — Bloomberg

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