Latest news with #2024BumiputeraEconomicCongress
New Straits Times
23-05-2025
- Business
- New Straits Times
Poor data, policy gaps hurt graduate salary growth
PUTRAJAYA: The stagnation in graduate salaries over the past two decades has been attributed to the lack of complete and comprehensive data on the labour market and higher education. Malaysian Inclusive Development and Advancement Institute (Minda-UKM) director Professor Tan Sri Dr Noor Azlan Ghazali said that without a centralised and integrated data system, policymakers face significant challenges in formulating accurate and effective policies, particularly in addressing wage stagnation and graduate underemployment. He said the availability of comprehensive data is crucial for crafting more effective employment and education policies, as well as intervention strategies. He said the real issue that is often overlooked is that many graduates today are employed in jobs that do not match their qualifications or skills. "We often hear claims of demand for tens of thousands of engineers, but actual data shows that only around 30,000 to 40,000 high-skilled jobs are created, while our universities produce over 300,000 graduates each year. "But the question is, where do all these graduates go? As a result, many either seek opportunities abroad or are forced to accept jobs that fall below their qualification levels. "This, in turn, leads them to compete with foreign workers in low-skilled sectors, further contributing to issues such as rising living costs and imbalances in the labour market," he said when met at the One-Year Retreat Session following the 2024 Bumiputera Economic Congress. Previously, a report by the PNB Research Institute (PNBRI), titled Entry-Level Salary Trend in Malaysia: Insights from Private Sector Employment (1997–2022), revealed that the median salary for Malaysian degree holders has declined over the past 25 years, falling from 2.7 times the salary of SPM holders in 1997 to just 1.7 times in 2022. Meanwhile, Noor Azlan added that, based on available data, job creation within the industrial sector remains relatively low compared to the number of graduates produced annually by the country's institutions of higher learning. He also warned that the issue of stagnant graduate salaries could have long-term consequences for the national economy, with one of the most concerning outcomes being growing public scepticism about the value of higher education. He said the perception that attending university no longer guarantees a secure future could discourage individuals from pursuing further studies, even though education should be regarded as a long-term investment in developing high-quality human capital. "There is nothing wrong with someone choosing to work early to gain experience, but if that decision stems from a loss of confidence in the education system, then that is truly worrying. "Knowledge still matters. We must understand that to become a developed nation, society must value education and knowledge," he said.
New Straits Times
23-05-2025
- Business
- New Straits Times
Zahid calls for equal economic opportunities across Malaysia's Bumiputera communities
PUTRAJAYA: Economic opportunities for the Bumiputera community in Sabah and Sarawak must be equal to those in Peninsular Malaysia. Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi said the Bumiputera in both states are entitled to receive the same economic development benefits as those provided in Peninsular Malaysia. "I believe Sabah requires very thorough attention from us. (And) although Sarawak has taken several proactive steps, there is still significant room for improvement. "As such, we must equalise the economic opportunities there," he said in his closing speech at the One-Year Retreat Session following the 2024 Bumiputera Economic Congress. Zahid, who is also rural and regional development minister, added that the federal government will ensure the Sabah Bumiputera Council receives support to implement its related agenda. "We are here to assist so that the agenda to be implemented by the Sabah Bumiputera Council can be realised. "I personally promise to help carry out the Bumiputera agenda in Sabah. "It is not just about giving opportunities, but about creating more chances for the Sabah Bumiputera to succeed," he said. Zahid also said the Bumiputera economic agenda should be pursued without hesitation as it is enshrined in the Federal Constitution as a right of the group concerned. "This is an important principle, and we should not feel guilty when advocating for this agenda.
New Straits Times
23-05-2025
- Business
- New Straits Times
PuTERA35 delivers early gains for Bumiputera economy
PUTRAJAYA: The Bumiputera Economic Transformation Plan 2035 (PuTERA35) has shown encouraging progress across various strategic programmes aimed at empowering the Bumiputera economy nationwide. Chief Executive Officer of the Bumiputera Agenda Steering Unit (Teraju), Junady Nawawi, said that within nine months of PuTERA35's launch, the plan has delivered significant impact in the areas of entrepreneurship, education, investment, and regional development. This includes the support of 747 new entrepreneurs and 1,436 beneficiaries through rural entrepreneurship development programmes, which encompass training, TVET, business expansion, marketing, and digitalisation. "A wide range of input was taken into account in shaping the content of PuTERA35, encompassing both ongoing and new efforts, with a focus on ensuring balanced and inclusive development across all segments of the Bumiputera community. "With a programme and project implementation success rate of over 15 per cent under PuTERA35, this demonstrates that an integrated, data-driven approach can effectively enhance Bumiputera participation in the national economy," he said during the One-Year Retreat Session following the 2024 Bumiputera Economic Congress. Also present were Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi, Deputy Minister of Economy Datuk Hanifah Hajar Taib, and Majlis Amanah Rakyat (MARA) Chairman Datuk Dr Asyraf Wajdi Dusuki. Junady said that under PuTERA35's competitiveness enhancement driver, Perbadanan Usahawan Nasional Berhad (PUNB) had approved RM67.79 million in financing for 125 Bumiputera companies as of April 2025. "In addition, PuTERA35 also focuses on wealth creation through Wakaf MARA Madani, which has successfully raised RM52.1 million towards its RM1 billion target. "An initial RM530,000 has already been disbursed to support initiatives in education, welfare, and entrepreneurship. "Meanwhile, through the Bumiputera Expansion and Catalyst Fund (BECF) and the Islamic Working Capital Project Financing (i-WCPF) programme, Teraju has approved RM321.3 million in financing for 208 companies," he said. He also said that, to support data-driven policymaking, the Bumiputera Entrepreneurs Database Platform is being developed in collaboration with the Department of Statistics Malaysia (DOSM), enabling comprehensive analysis to inform more effective policy decisions. Junady highlighted that to strengthen regional development, the Bumiputera Economic Councils for Sabah and Sarawak have been reactivated as key platforms for advancing the Bumiputera development agenda, with specific action plans currently in progress. He added that PuTERA35 also includes initiatives to support the development of the Orang Asli community, such as the provision of grants and entrepreneurship training, along with the expansion of healthcare and education endowments (wakaf), in collaboration with the National Higher Education Fund Corporation (PTPTN) and 20 public universities. "These early successes mark a positive trajectory towards realising the aspirations of the Bumiputera Policy 2030, which focuses on new economic growth, sustainability, and global competitiveness," he said.
New Straits Times
23-05-2025
- Business
- New Straits Times
Zahid urges stronger push for Bumiputera Economic Transformation Plan success
PUTRAJAYA: Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi has called on all ministries, agencies and government-linked bodies to step up efforts to ensure the success of the Bumiputera Economic Transformation Plan 2035 (PuTERA35). He said PuTERA35, a long-term plan to drive the economic development of Bumiputeras, must not remain a mere "decorative document stored in the cabinet". "PuTERA35 represents a national commitment to strengthening Bumiputera participation, ownership and control in the economy," Zahid said in a speech. "However, if this commitment is not translated into action, we are merely wasting time. "This is why I want everyone, whether from ministries, agencies, government-linked companies (GLCs), government-linked investment companies (GLICs), coordinators or implementers, to move together, to review, assess transparently, and act decisively to ensure that this agenda achieves the goals we have collectively envisioned." He said this in his keynote address at the one-year retreat session of the 2024 Bumiputera Economic Congress. Zahid said the implementation of programmes and projects under PuTERA35 has achieved a 15.7 per cent success rate. "We already have the plan and the structure. What we now need is disciplined implementation and the courage to make bold decisions." Zahid also spoke on the importance of a clear timeline to deliver tangible results. "We have 132 initiatives under PuTERA35. I want these to be given the utmost priority. I want tangible results. "We can no longer afford to be trapped in endless rhetoric," he said, adding that a strategic, clear and consistent communications plan on PuTERA35 was also needed. He added that PuTERA35 must also serve as a central framework for all ministries, not just the Economy Ministry and the Rural and Regional Development Ministry, as it is a government policy. "Every ministry, without exception, must play an active role as envisioned. The people have the right to know how many Bumiputera entrepreneurs have been developed this year. "How many have progressed from micro to medium enterprises? How many TVET graduates are now earning monthly salaries of over RM4,000?" Zahid also called for a change in the treatment of reports, saying the government could no longer rely on passive and annual reports. "It is time for us to move forward with courage, guided by strategic, data-driven interventions and focused on real outcomes. "Now is the time to prove that what has been planned is truly being implemented," said Zahid, who is also the Rural and Regional Development minister. Meanwhile, Zahid said he has tasked the deputy secretary-generals for policy in each ministry to coordinate and monitor the implementation of PuTERA35. "This role will be further supported by the Bumiputera Empowerment Unit, which must be restructured to suit current needs," he said. He also said the Bumiputera Economic Congress retreat session will become an annual fixture to collectively reinvigorate the Bumiputera development agenda across all ministries, agencies and sectors. Present were Deputy Economy Minister Datuk Hanifah Hajar Taib, Majlis Amanah Rakyat (MARA) chairman Datuk Dr Asyraf Wajdi Dusuki, and Bumiputera Agenda Steering Unit (Teraju) chief executive officer Junady Nawawi.
The Sun
21-05-2025
- Business
- The Sun
Gov't to advance Bumiputera economic agenda
KUALA LUMPUR: The government remains firmly committed to supporting and strengthening policies and initiatives aligned with Bumiputera economic aspirations, to ensure lasting benefits for both current and future generations. Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi said a follow-up discussion with key stakeholders will be held this Friday to further refine the direction and implementation of the agenda. 'As a nation that upholds balance and stability as foundations of development, efforts to narrow economic disparities between communities must be pursued with strong and coordinated commitment, across ministries, agencies, and the private sector,' he said in a Facebook post today. Ahmad Zahid, who chaired the 2024 Bumiputera Economic Congress (KEB), said this after reviewing a presentation by Economic Ministry secretary-general Datuk Nor Azmie Diron on the 'One-Year Post-KEB 2024 Retreat' at his office today. Held from Feb 29 to March 2 last year, KEB 2024 outlined more than 80 resolutions aimed at enhancing Bumiputera socio-economic empowerment. These resolutions were the result of engagement sessions conducted through 10 clusters covering various key areas during the three-day congress.
