00:00We hope the government would reconsider the proposed mandatory EPF contribution for the
00:11non-PR foreign worker and to exempt employers from this requirement. This measure can cause
00:19an additional financial burden on employers who have already grappling with rising goods
00:24costs in the current challenging business environment.
00:29The foreign worker levy must be done, but there was some confusion that it was going
00:33to be cumulative, two and then four and six. No. So we kept it at 2%, which is very, very
00:41minimal. The initial proposal was 12 and the Cabinet did consider the appeal by the Chambers,
00:51so we just kept it at 2%. And it will stay on for some time, until things are much better
00:58than to earn and register hundreds of millions or billions of profit, then we may increase
01:06to 4%. But for now we keep it at 2% and let us move with that sort of a decision. There
01:14is no worry about having it cumulative, unless Stephen Sim feels strongly to increase it,
01:21otherwise we will keep it at that rate first. But I must appeal to you also because the
01:29demands are more. For example, education. As you know, I've been talking about digital
01:34energy transformation. If we don't have new faculties, new training, and that requires
01:40enormous sums of money. You see in the past United States or Europe or China, what they
01:46have done in focusing on these centres of excellence, that requires not only government
01:54funds, but also huge private sector investment. But I agree with you, whatever is necessary
02:01will need to be done to facilitate improved business, including SMEs. We will do our best.
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