The labour market strengthened last year, with the unemployment rate coming in lower at 3.9% compared with 4.6% in 2021, says data from the Department of Statistics Malaysia (DoSM)’s annual statistics of the labour force. The nation’s labour force rose by 1.4% to register 16.02 million persons last year compared with 15.8 million persons in 2021 as the labour force participation rate improved by 0.7 percentage points to 69.3% from 68.6% in 2021.

Malaysia’s labour market and poverty rate improved in 2022

Global supply chain operations are mostly getting back to normal, S&P Global Market Intelligence says. However, the global data provider points out that there is no shortage of risks to be aware of during the rest of 2023.

S&P Global: Supply chains mostly back to normal

Small and medium enterprises (SMEs) are a key tenet of global and local economies. The potential impact of sustainability on and by SMEs is a major consideration in achieving necessary environmental and social goals. Therefore, more support is needed to ensure that SMEs are well equipped to survive and thrive in these uncertain times.

Helping SMEs mitigate risks and capitalise on opportunities

The Employees Provident Fund clarified on July 11 that existing members would be able to withdraw their EPF retirement savings when they reach the age of 55 (30% withdrawal at age 50), in accordance with prevailing regulations, even though the mandatory retirement age was raised from 55 to 60 in 2013.

Save now to ensure an adequate nest egg in old age

Challenges in the country’s economy and labour market over the past three years have added a new dimension to workers’ priorities and expectations. Randstad’s eighth Employer Brand Research survey shows that while an attractive salary and benefits continue to be a top priority for job seekers and employees, they also want to work at a company that offers a better work-life balance. In fact,50% of those surveyed said they would leave their current job to fulfil this objective.

Work-life balance matters

In the first six months of the year, a dynamic interplay of factors, ranging from geopolitical events and monetary policies to economic indicators, investor sentiment and market trends, shaped the performance of global equities, commodities and major currencies.