What sustainable measures are needed beyond immediate budget relief?

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Sustainable Measures Beyond Immediate Budget Relief Focus on Job Creation and Skills Development

Beyond the immediate financial relief measures, sustainable strategies are essential for long-term economic stability and the welfare of the population. These measures primarily centre on fostering job creation and enhancing the skills of the workforce to navigate evolving economic landscapes and transitions. The government's commitment to these areas is demonstrated through existing and planned initiatives aimed at addressing unemployment and underemployment.
Government Initiatives for Employment Generation

The government has outlined specific schemes to generate employment opportunities. The Employment Generation Guarantee Scheme (JanaKerja) is slated for implementation, with projections indicating the creation of 500,000 new jobs. This initiative is a key component of the broader strategy to bolster the job market in the coming year.
Focus on Upskilling and Reskilling Labour

Addressing the need for workforce adaptability, reskilling and upskilling programmes have been a consistent focus. These programmes were first introduced as part of the Penjana stimulus package and their continuation was subsequently announced in Budget 2021. Such initiatives are designed to equip individuals with the necessary competencies for job transitions and to meet the demands of industries undergoing transformation.
Tackling Underemployment and Wage Mismatches

Persistent issues of underemployment, particularly among graduates, require attention. Statistics reveal an increasing trend in skill-related underemployment, with its share rising from 29.9% in the first quarter of 2017 to 36.8% by the third quarter of 2020. Furthermore, a notable mismatch between graduate qualifications and prevailing wages necessitates consideration by policymakers and industry stakeholders to ensure equitable opportunities for skilled jobseekers.
Economic Benefits of Fair Employment and Wages

Ensuring stable employment and fair remuneration for workers is anticipated to generate positive economic spillovers. This includes the stimulation of consumer spending, which in turn can support businesses and contribute to broader economic growth. The effective implementation of these long-term measures is crucial for sustained national well-being.

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What sustainable measures are needed beyond immediate budget relief?

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