Media Statement - 13/10/2015
Toll Hike a disastrous move
We refer to the announcement of toll hikes which we of the opinion has brought the people particularly the workers cost escalate further to the lowest level.
There are no excitement and meaning in introducing minimum wage when at the same time,GST has been introduced last year. The hardship doesn't ends there but the removal of subsidies further increase the cost of products namely oil and sugar.
We have to accept the reality of our economic situations especially our main economy pillars,the Banks, which have introduced various scheme like VSS, ERS and MSS which the intention to rightsize and reduce workers.
Further,an uncertainty agreement called TPPA has been concluded pending consent from parliament. While we are not certain of the contents, we are very sure people have to pay a price for trade and investments brought by other countries especially US.
Before we even digest the TPPA, our Government officials are already in Busan Korea to commence negotation on Regional Comprehensive Economic Partnership (RCEP) which a regional free trade deal that involves Asean, Australia, China, India, Japan, Korea and New Zealand.
While this article reflects a negativity in the change of events, people particularly workers must be communicated and create awareness of current scenario.
We urge the Government to review the following;
1. Percentage of GST which ideally to be reduced to 3% to boost consumption
2. Implementation of COLA to all private workers instead of BRIM which greatly a boost to workers. Govt should provide reduction in corporate tax for companies to able them to pay.
3. Trade union and other stake holders representative to be included in the Economic advisory Committee and any FTA committee to discuss on actions needed to mitigate the increase cost of living and opinions to FTA review as it involves workers.
This temporary steps will be able for the workers to be able to withstand the cost of living and increased toll hike.
Association of Maybank Executives