01-05-2025
- Business
- New Straits Times
Penang's labour market shows strength with unemployment rate dropping to 2.2pct
GEORGE TOWN: Penang's labour market is showing continued strength, driven by sustainable economic growth and promising investment performance, according to Chief Minister Chow Kon Yeow.
In his Labour Day message, Chow said that according to the latest data from the fourth quarter of the 2024 Labour Force Survey (LFS), Penang recorded an unemployment rate of 2.2 per cent.
He added that the state also posted a Labour Force Participation Rate (LFPR) of 73.2 per cent, indicating that the public is increasingly optimistic about the labour market and is being encouraged to seek employment.
"The Penang government remains committed to championing the rights and welfare of workers through inclusive policies, skills training programmes and the creation of more high-value job opportunities.
"The development of the digital, green and smart technology sectors will continue to be prioritised to ensure our workers remain relevant and competitive.
"I also call on all employers to maintain harmonious and fair relations with their workers. The long-term success of an organisation depends not only on profits but also on the well-being and happiness of its workforce," he said.
Chow said Labour Day held a special place in his heart due to Penang's role as a land of opportunity, not only for the people of Penang, but also for many people and families who reside or commute daily from neighbouring states in search of livelihood in this state.
Thanks to the collective efforts of all parties, he said, Penang has strengthened its reputation as a key international trade destination, especially in the rapidly growing electronics and semiconductor sectors.
"As a result of our shared success, Penang continues to solidify its position as Malaysia's leading hub for investment and technological innovation, with approved manufacturing investments amounting to RM17.3 billion involving 182 projects and nearly 16,254 job opportunities created in 2024," he added.
Chow urged all to continue to work hand in hand, strengthen the spirit of unity and fight for a brighter future for all workers in the state of Penang.
