Budget 2023: Important to revitalise private businesses - MEF

Businesses and employees are being fairly assisted through Budget 2023 to face next year’s challenges, said the Malaysian Employers Federation (MEF) today.

MEF president Syed Hussain Syed Husman said more could be done to revitalise and create more opportunities for existing businesses.

“It is important for the private sector businesses to be revitalised to enable them to be the engine of growth for the economy,” he said in a statement yesterday.

Among measures for businesses under Budget 2023 are the allocation of RM20 million to benefit 3,000 trainers for the National Dual Training System (SLDN) to encourage more trainees to undergo SLDN to meet the requirements of more skilled employees.

The small and medium enterprises (SMEs), which represent about 98 percent of businesses, will be further assisted with RM9 billion through business financing guarantee companies to enable to SMEs to get financing.

Meanwhile, Bank Negara Malaysia will further assist SMEs with RM10 billion for automation, digitalisation, tourism, and agriculture and RM1 billion has been allocated for RM1,000 one-off grants for registered SMEs.

Syed Hussain (above) said MEF was of the view that wage subsidy programmes as introduced in 2020, 2021, and 2022 should be continued to assist employers to sustain the employment of their employees and assist the country to stabilise the labour market.

“MEF hopes that in the event the situation in 2023 warrants the reintroduction of wage subsidies, the government should then assist businesses with wage subsidies to avert possible mass layoffs,” he added.

- Bernama

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