12 July 2019: Compulsory employee accommodation; Malaysia population shrinkage by 2071

Bill tabled to compel industrial sector employers to provide employee accommodation
A Bill was tabled in Parliament Thursday (July 11) to make it compulsory for employers to provide centralised accommodation for employees in all industrial sectors such as plantation, construction and manufacturing, including high-tech industries. The Workers’ Minimum Standards of Housing and Amenities (Amendment) 2019 Bill will also see increased fines against errant employers. Previously, compulsory accommodation only covered estate workers. The move to table the amendments is in compliance with international standards for developing countries with regard to workers’ accommodation in line with the International Labour Organisation. (The Star Online)

Guan Eng: EPF, Khazanah oppose PLUS acquisition by Maju
The Ministry of Finance (MoF) has made a preliminary decision to oppose the takeover of highway operator PLUS Malaysia Bhd by Maju Holdings Sdn Bhd after considering the views from PLUS’ major shareholders Khazanah Nasional Bhd and the Employees Provident Fund (EPF). Finance Minister Lim Guan Eng, however, said he will have a meeting with Maju Holdings’ management, to be briefed on the latter’s new acquisition offer. “At this juncture, Khazanah and EPF are not agreeable to the takeover. But definitely, the final decision will still be guided by the prime minister,” he said. (The Edge)

Source: The Star

Malaysia to experience population shrinkage by 2072
Malaysia is expected to experience population shrinkage by 2072 if the fertility rate continues to fall from 1.9 in 2016 to 1.7 in 2050 as projected by the United Nations. Deputy Women, Family and Community Development Minister Hannah Yeoh said despite the increasing population, the annual population growth rate is expected to keep falling to 0.7% in 2050, the effect of falling fertility rate from 4.0 children in 1980 to 1.9 children in 2016. “The drastic drop in the population fertility rate will also expedite the process of ageing population in which Malaysia is expected to become an ageing nation by 2030 when 15% of the people are aged 60 and above. The matter will cause the country to face serious shortage of manpower which could affect the development of the country,” she said. (Malay Mail)

Paramount Corp eyes regional expansion
Paramount Corp Bhd, which has received shareholder approval to dispose of 65% of its tertiary education ops, is looking to expand its property business within the region. Group CEO Jeffrey Chew said the group is targeting its first foreign project within the next five years. “We’re looking at South-East Asia. We won’t rush, but we want to diversify,” he said. Chew said countries such as Cambodia, Vietnam, Thailand and even Australia were on Paramount Corp’s radar. The company’s property projects are currently focused within the Klang Valley and the northern region. The group’s current land bank is worth RM8.5bil in GDV. (The Star Online)

Boustead scraps RM172m deal to buy land from LTAT
Boustead Holdings Bhd’s RM172.78 million land purchase from Lembaga Tabung Angkatan Tentera (LTAT) has been aborted. Its wholly owned subsidiary Boustead Construction Sdn Bhd and LTAT have mutually agreed to terminate the SPA. Boustead Construction had proposed to acquire two plots of land held by LTAT in Bukit Jalil for RM172.78 million cash in December 2016. The land measures a total of 10.74 acres. Under a development order obtained in May 2016, the land was earmarked for a mixed development comprising commercial plots, car park, shop offices and other ancillary structures. (The Sun Daily)

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